FOR IMMEDIATE RELEASE
Bill would encourage residents and businesses to pay outstanding taxes without imposed penalties.
ST CROIX, USVI, NOVEMBER 20, 2020 — The St. Croix Chamber of Commerce strongly supports Bill No. 33-0439 (the “tax amnesty bill”), introduced by Senators Donna Frett-Gregory and Marvin Blyden, which establishes a tax amnesty period until June 30, 2021 for both income taxes and gross receipts taxes.
Bill No. 33-0439 passed through the Senate Rules and Judiciary Committee on Thursday, November 19, 2020 will now be voted in the next Committee of the Whole Hearing. The COVID-19 pandemic has wreaked economic havoc on St. Croix’s businesses, causing many to close, and severely reducing cash flow to hundreds of the businesses who have somehow managed to survive the onslaught. The reduction in tourist traffic to St. Croix combined with numerous stay-at-home orders have resulted in a massive decrease in income as well as a severe contraction of the economy writ large. This economic contraction prevented many businesses from utilizing the last tax amnesty period. We urge all Senators to approve the tax amnesty bill, and recommend in the strongest terms that the Governor sign it into law.
The St Croix Chamber of Commerce is a non-profit organization of local businesses working together to improve the island of St Croix’s economic growth through advocacy, networking and promotion. Founded in 1924, members range from large corporations to small mom-and-pop businesses and individuals.
For questions or more information, please contact the Chamber at email@example.com.