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H.R. 10503 Introduced to Restore Economic Vitality and Investment in the Virgin Islands
Washington, D.C. (January 26, 2025) – Representatives Stacey Plaskett (D-VI) and Nydia Velazquez (D-NY) have introduced H.R. 10503, the Restore Economic Vitality and Investment in the Virgin Islands Act. This bipartisan legislation aims to address the economic challenges facing the U.S. Virgin Islands by providing tax incentives, economic development programs, and federal funding.
Background
The Virgin Islands has faced significant economic challenges in recent years, including hurricanes, the COVID-19 pandemic, and a decline in tourism. These factors have led to high unemployment rates, poverty, and a weakening economy.
Provisions of the Bill
H.R. 10503 includes several key provisions designed to stimulate economic growth in the Virgin Islands:
- Tax Incentives: The bill would establish a 10-year tax holiday for new businesses in the Virgin Islands. It would also provide tax credits for businesses that invest in energy efficiency, renewable energy, and job creation.
- Economic Development Programs: The bill would create a new U.S. Department of Commerce program to support economic diversification in the Virgin Islands. The program would provide grants and technical assistance to businesses in key industries, such as tourism, technology, and manufacturing.
- Federal Funding: The bill would authorize $200 million in federal funding for infrastructure projects in the Virgin Islands. These projects would include road repairs, port upgrades, and energy grid improvements.
Support for the Bill
H.R. 10503 has received widespread support from lawmakers, business leaders, and community groups in the Virgin Islands. Supporters argue that the bill would provide much-needed economic relief and create a foundation for long-term sustainable growth.
“This legislation is critical to the economic recovery of the Virgin Islands,” said Representative Plaskett. “It will provide the tools and resources our businesses need to thrive and create new jobs for our people.”
“The Virgin Islands has been through a lot in recent years, and this bill is a step in the right direction to help them rebuild their economy,” said Representative Velazquez. “It will provide the support our communities need to overcome these challenges and build a brighter future.”
Outlook
H.R. 10503 has been referred to the House Committee on Natural Resources. A hearing on the bill is expected to be scheduled in the coming weeks. If passed by the House, the bill would move to the Senate for consideration.
The bill has garnered bipartisan support and is considered likely to pass. If signed into law, it would provide a much-needed boost to the economy of the Virgin Islands and help the territory overcome the economic challenges it has faced.
H.R. 10503 (IH) – Restore Economic Vitality and Investment in the Virgin Islands Act
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