Business

Mapp Approves E.D.A. Tax Benefits For Four Firms

ST. CROIX -- Governor Kenneth Mapp has approved tax benefits for a medical laboratory and three financial services firms, a press release Government House issued on Thursday has revealed. Mr. Mapp recently signed off on agreements reached by the V.I. Economic Development Authority with Castle Medical, CD Paradise Holdings, Alpha Mortgage Advisors and Prosperitas Holdings. Castle Medical on St. Thomas will offer laboratory services, to include DNA testing, as well as provide consulting and management services in the medical field. They are required to hire 10 full-time employees within the next two years and invest $100,000 within the first year, according to the release. CD Paradise Holdings will provide business management and financial advisory consulting to companies throughout the hemisphere. As a financial services firm, CD Paradise must maintain at least five full time employees. The EDA indicates that the company will receive $4 million in tax benefits over a five-year period, h...