Tag: Economic Development Commission (EDC)

Cane Bay Partners Faces Another Class-Action Lawsuit By A Native American Group Over Predatory Payday Loans

MADISON — St. Croix-based business Cane Bay Partners and founding co-owners David Johnson and Kirk Chewning are facing a class-action lawsuit over an alleged nationwide payday lending program that imposed exorbitant annual interest rates while using Native American tribes as a front to evade state usury laws, according to a complaint filed June 22, 2022 […]

Mapp Grants Gold Coast Yachts of St. Croix Tax Free Economic Development Status For Ten Years

CHRISTIANSTED — Gold Coast Yachts has been awarded a ten-year extension on its tax benefits. After public hearings and “careful review of its application,” the Virgin Islands Economic Development Commission (EDC) and Gov. Kenneth Mapp approved the request to maintain tax breaks for the yacht manufacturer. Gold Coast Yachts of St. Croix designs and builds […]

Mapp Says Tax Court Ruling Has ‘Major Ramifications’ For Territory’s EDC Program

CHARLOTTE AMALIE — In a long-awaited decision that has major ramifications for the territory’s Economic Development Commission (EDC) program, the U.S. Tax Court in Washington, D.C. has rejected the arguments of the U.S. Internal Revenue Service (IRS) and ruled that the federal statute of limitations applies to U.S. Virgin Islands taxpayers who file their income […]