Plaskett introduces new legislation aimed at improving economic conditions in the territory
Virgin Islands Delegate proposing to repeal cap on rum cover over, extend Production Incentive Certificate Program and create special Visa Waiver Program
Congresswoman Stacey Plaskett, this week, introduced three pieces of legislation aimed at improving the economy in the U.S. Virgin Islands.
• H.R. 2116 proposes to establish a special visa waiver program for the Virgin Islands, and would allow the U.S. Department of Homeland Security to approve visa-less entry into the Virgin Islands for residents of CARICOM and other countries that are not current participants in the Visa Waiver Program. If passed, the Virgin Islands Special Visa Waiver Program would allow the residents of these countries visa-less entry into the USVI to participate in seasonal sporting events and other permissible activities, such as medical purposes.
• H.R. 2117 proposes to amend the Internal Revenue Code of 1986 to make permanent the rum cover over revenue to the U.S. Virgin Islands by repealing the cap, thus ensuring all excise on rum produced in the Virgin Islands and sold in the United States is returned to the territory providing a reliable and consistent funding source to the islands treasury.
• H.R. 2118 will extend the Production Incentive Certificate Program (PIC) for insular producers of watches and jewelry for an additional ten years, through 2027. The 30 year old program aimed at protecting the highly import sensitive U.S. insular watch industry has not been reauthorized since 2004 and is set to expire at the end of 2015.
“The introduction of these new bills is part of our legislative strategy toward improving the economy of the U.S. Virgin Islands. These bills, along with several others to come, will—aside from improving economic development—address transportation and infrastructure, as well as greater access to education and healthcare for Virgin Islands residents,” Plaskett said
“Creating a special visa waiver program for the Virgin Islands will open up more opportunities for us to host more participants in regional sporting activities like the “Rolex Regatta,” and the St. Croix International Triathlon, as well as opportunities to open our medical facilities to patients in the Eastern Caribbean Region.” All three of these bills, when passed, will protect jobs and the livelihood of our small business owners and increase the amount of revenue generated in the territory,” Plaskett added.
