COMMITTEE ON BUDGET, APPROPRIATIONS AND 
FINANCE 
 
 
BILL NO. 
35-0222 
 
 
Thirty-Fifth Legislature of the Virgin Islands 
 
 
 
January 18, 2024 
 
 
 
An Act amending title 29 Virgin Islands Code, chapter 12, section 713e (a) relating to granting 
an exemption from the payment of franchise taxes for entities providing affordable housing 
 
 
 
PROPOSED BY: 
 
 
 
Senator Marvin A. Blyden 
Be it enacted by the Legislature of the Virgin Islands:  
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SECTION 1. Title 29 Virgin Islands Code, chapter 12, section 713e (a) is amended in 
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paragraph (3) by striking the period at the end of the paragraph and inserting “; and” and by 
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adding a paragraph (4) that reads follows: 
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“(4) franchise taxes, provided that evidence is supplied, at the time of purchase, in the 
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form of a restrictive covenant or other such binding document, limiting the use of the purchased 
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property to affordable housing development.” 
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BILL SUMMARY 
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This bill grants an exemption from the payment of franchise taxes for entities providing 
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affordable housing.  The purpose of this language is to lower the cost of properties and homes 
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constructed for the purpose of affordable housing. At the same time, it seeks to minimize 
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opportunities for fraud by ensuring that, in order to utilize the exemption, a binding document 
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is required to show that the property will be dedicated solely to affordable housing 
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development. 
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BR23-0142/January 19, 2023/SLR/Updated by HLF 
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