Congresswoman Stacey Plaskett this week fought back a provision in the District of Columbia Fiscal Year 2016 Budget that listed the U.S. Virgin Islands among 39 countries recognized by the local D.C. Government as tax havens.
“This amendment to the D.C. Budget threatens the territory’s hard-earned reputation as being well regulated and compliant with U.S. Federal tax law and authorities, and was a measure that could potentially infringe on our tax incentive programs and impede our economic growth. Although at first glance this was merely a measure in the District of Columbia’s legislature, the fact that DC’s budget is approved and adopted by the U.S. House of Representatives would have been tacit support of Congress to DC’s adverse designation of the Virgin Islands,” Plaskett said.
After working with the Ambassadors of Barbados and Dominica, as well as the Virgin Islands Chamber of Commerce, Congresswoman Plaskett worked with Members of Congress and DC City Council Chairman Phil Mendelson ultimately getting him to agree to repeal the list through emergency legislation at an upcoming District of Columbia legislative hearing.
Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines and the U.S. Virgin Islands were among the Caribbean countries named in the list.
The provision was repealed by way of an amendment at a November 3, 2015 Legislative Meeting of the District of Columbia’s City Council.
