Business

Revised STARS Act, $1 Million HOVENSA Litigation Bills Heads To Governor's Desk

The 31st Legislature on Wednesday passed legislation that seeks to build the video, film, audio and music industries in the territory, to change the budget calender to match the current year, and the appropriation of $1 million for litigation pertaining to the government's intent to foreclose on the HOVENSA refinery and other environmental issues at the site. The existing Sustainable Tourism through Arts-based Revenue Streams, STARS Act, was signed into law by former Governor John de Jongh on Feb. 21, 2012 with clearly defined tax incentives for licensed businesses involved in the local film, music and audio recording industries, as well as for professionals who visit the Virgin Islands to perform or record their work. However Bill No. 31-0009 had been introduced by Sen. Clifford Graham with the intent of “repealing and reenacting” the STARS Act to only include incentives for the film and video industries. But after testimony on Feb. 23 by Laurent “Tippy” Alfred, the award-winning...