Business

Mapp Says Income Tax Coming To VI Residents 'Early This Week' As $220 Million Deal With ArcLight For HOVENSA Closes

ST. CROIX -- Virgin Islanders can look forward to receiving their income tax refunds as early as this week as a result of the closing of the ratified operating agreement between the Government of the Virgin Islands and Limetree Bay Terminals LLC, a subsidiary of ArcLight Capital Partners, LLC, a press release Government House issued late Monday has made known. According to the release, Governor Kenneth Mapp directed the immediate release of $22 million for the payment of income tax refunds. The governor has also directed the Finance Commissioner Valdamier O. Collens to pay $50 million on the government’s line of credit; pay $11 million to the Water and Power Authority for outstanding streetlight obligations; pay up to $20 million for legal and professional fees for the tax litigation claims and the operation agreement transaction costs.  In addition, the chief executive has directed OMB Director, Nellon L. Bowry to use an amount up to $25 million to restore the five (5%) percent allotm...