Mapp Refuses E.D.A. Tax Benefits To Valance, A Company Owned By Warren Mosler

Governor Kenneth Mapp has returned two agreements for tax benefits to the Economic Development Authority (E.D.A.) for further “review and reconsideration," a press release Government House issued on Friday has made known. By law, the governor has final approval over all applications for tax exemptions granted by the authority. New applicant Amalie Global, a financial services and consulting firm, sought 100 percent exemptions from property, gross receipts and excise taxes and a 90 percent exemption from payment of income taxes in exchange for employing five full time employees for the first four years, while making a $100,000 investment and donating $50,000 to local charities in the first year. In his letter to EDA Acting Chief Executive Officer Wayne Biggs, Mr. Mapp indicated that the promised employment was, “insufficient to the value of the tax holiday provided,” and that the economic benefits to the territory were unclear. “I ask the Board to have your staff revisit the application...