Government

Bryan Seeks Federal Investment Incentives for 18 Areas Across the Virgin Islands

Governor Albert Bryan Jr. has asked the federal government to extend Opportunity Zone benefits to 18 areas across St. Croix, St. Thomas and St. John, including the former HOVENSA refinery property, the Renaissance industrial properties and Cruz Bay. If approved, projects in those areas could qualify for federal tax incentives intended to encourage long-term private investment. The nominations cover all 18 Virgin Islands census tracts eligible under federal law. The territory submitted them to the U.S. Department of the Treasury on Friday, July 24, and the department will review the applications and determine the final designations. If approved, the new Qualified Opportunity Zones will take effect January 1, 2027. The nominations follow efforts by the Bryan administration to reopen the federal designation process and expand the number of strategically important Virgin Islands areas that could qualify. A central part of that effort involved working through the federal census boundar...