SOURCE: USVIEDC.com

USVIEDC.com

February 19, 2009 13:59 ET

USVIEDC.com - Free Online US Virgin Islands Economic Development Commission Information Resource Is Available for Businesses Looking to Reduce Their Income Tax Liability by 90%

Many Business Owners That Want to Improve Their Profits During These Tough Economic Times Can Use a Little Known Provision in the Internal Revenue Code to Reduce Their Income Taxes by as Much as 90%

ST. THOMAS, VI--(Marketwire - February 19, 2009) - USVIEDC.com began offering free online information regarding the US Virgin Islands Economic Development Commission Program ("USVI EDC Program") which provides qualified businesses and individuals with exceptional and comprehensive tax benefits and incentives that allow them to take control of their income taxes and significantly improve their profits.

Theodore C. "Teddy" Skokos, Jr., Chief Executive Officer of Clearwater Consulting Concepts, LLLP, a US Virgin Islands Economic Development Commission beneficiary, says this concerning USVIEDC.com: "Its well-organized presentation of thorough and accurate information about the U.S. Virgin Islands' extremely beneficial Economic Development Commission Program has been sorely needed for a long time. I expect it will be invaluable to anyone interested in learning about the US Virgin Islands Economic Development Commission Program."

The US Virgin Islands Economic Development Commission Program falls under the US Department of the Interior and is authorized jointly by the United States tax laws (IRC Sections 934 & 937) and the United States Virgin Islands tax laws. It is a legitimate program whose purpose is to attract business to the US Virgin Islands, help the US Virgin Islands economy diversify and produce significant, positive economic benefits to the Territory of the US Virgin Islands and its residents.

As with many stateside economic development programs, various tax incentives are used to attract, retain and expand businesses for the local community. The US Virgin Islands Economic Development Commission Program offers various tax incentives, which include:

--  90% US income tax exemption (equivalent to a 3.5% top US income tax
    rate)
--  100% Gross receipts tax exemption
--  100% Real property tax exemption
--  100% Excise tax exemption
--  1% Custom Duties
    

US Federal law permits insular territories of the US, including the US Virgin Islands, to operate under modified tax systems as long as key "residency" and "income sourcing" requirements are met. Care must be taken to meet the income sourcing and residency requirements.

Concerning his experience with the EDC Program, Theodore C. "Teddy" Skokos, Jr., continues: "The USVI Economic Development Commission ("EDC") Program has provided me with a very unique experience that has been nothing short of tremendously enjoyable and extremely financially beneficial. I believe the many other people who have joined our EDC beneficiary company since I moved to St. Thomas and founded Clearwater Consulting Concepts, LLLP, in 2002 would agree. As a tax attorney with over six years of experience owning and operating an EDC beneficiary company, I look forward to being a regular contributor to this site and assisting anyone who has an interest in learning about the US Virgin Islands EDC Program and exploring how it can work for them."

There are a variety of ways an individual or company can qualify for the Economic Development Commission benefits and USVIEDC.com is the source for information to learn how.

About USVIEDC.com

USVIEDC.com is dedicated to providing current information and expert commentary on the US Virgin Islands Economic Development Commission Program (USVI EDC Program) for the purpose of creating awareness and opportunity with one of the most exciting programs ever crafted to benefit American businesses and individuals.

Contact Information

  • Contact:
    Edgar Hazelwood
    USVIEDC.com
    6501 Red Hook Plaza, Suite 201
    St. Thomas, VI 00802
    O: 340.775.2888
    Email Contact