ACTNO. 802°



BILL NO. 32-0010

THIRTY-SECOND LEGISLATURE OF THE VIRGIN ISLANDS



Regular Session



2017



An Act amending title 13 Virgin Islands Code, chapter 5, section 531 relating to the rate

and computation of franchise taxes; amending title 5 Virgin Islands Code, section 3561 (a)

to grant peace officer status to security guards of the Legislature of the Virgin Islands,

enforcement officers of the V.I. Lottery, the executive director of the Peace Officers

Standard and Training and investigators and enforcement officers of the Juan E. Luis and

Roy L. Schneider Hospitals: amending title 23 Virgin Islands Code, sections 608 (c) and

612 extending the distance beyond which hazardous chemical are prohibited: extending the

availability of funds appropriated in section 2 of Act No. 7897 for V. I. Housing Finance

Authority's asbestos in homes program, and amending Act No. 7866, adding 5 passenger

vans to the First Responder Fleet Project for the Department of Sports. Parks and

Recreation



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Be it enacted by the Legislature of the Virgin Islands:



SECTION 1. Title 13 Virgin Islands Code. chapter 5, section 531 is amended in

the following instances:



(a) Subsection (a) is amended in the first sentence after the phrase “each

thousand dollars of by inserting “stock, capital, and paid in”, and the second, third and

fourth sentences are stricken.



(b) Existing subsections (b), (c) and (d) are re-designated as subsections (f), (g)

and (h) and new subsections (b), (c). (d) and (e) are inserted to read as follows:



“(b) Notwithstanding the definition in section 100 of this title, for

purposes of computing franchise taxes, the term, “capital stock”, includes the stated

value of all classes of stock authorized, issued, and outstanding, plus the paid in

capital in excess of stated value. “Paid in capital” means the cash and other


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Witness our Hands and Seal of the Legislature of the Virgin Islands this



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Day



of January, A.D., 2018.



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A. Forde



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Legislative Secretary



Bill No. 32-0010 is hereby approved.



Witness my hand and the Seal of the Government of



the United States Virgin Islands at Charlotte Amalie,



St. Thomas, Thi day of January, 2018 A.D.



Kenn



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Governor