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H.R. 3367, The Virgin Islands Improvement Act of 2007
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Version saved on September 24, 2007, 18:35:13, by webmaster:
H.R. 3367 would amend the Internal Revenue Code of 1986 to assist in the recovery and development of the Virgin Islands by providing for a reduction in the tax imposed on distributions from certain retirement plans' assets which are invested for at least 30 years, subject to defined withdrawals, under a Virgin Islands investment program.
Detailed Summary
Virgin Islands Improvement Act of 2007 - Amends the Internal Revenue Code to provide for a reduction of taxes on distributions from certain retirement savings plans designated as being under investment by the Virgin Islands Investment Program for at least 30 years. Defines "Virgin Islands Investment Program" for purposes of this Act as a fund with managed amounts of less than $50 billion. Imposes a 1% annual tax on managed funds to benefit Virgin Island infrastructure development.
Status of the Legislation
Latest Major Action: 8/3/2007: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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Visitor Comments
j shanahan
August 29, 2007, 10:39am (report abuse)Much overdue improvements for the VI---------------will be very effective in restructuring the islands
Waldo Flibber
August 29, 2007, 10:40am (report abuse)Glad to see that some attention is being paid to the Virgin Islands-----------too long neglected
Gregg Peirlonnibe
August 29, 2007, 10:43am (report abuse)MY wife just returned from the Islands. She thinks it will help a lot
cindy broen
August 29, 2007, 10:43am (report abuse)nice to see we are finaly thinking of our close neighbors.
Bill Shanahan
August 29, 2007, 10:45am (report abuse)Sounds like a good bill. I don't understand it all, but it will apparently raise money while relieving the US from total respomsibility
Phil Berg
August 29, 2007, 8:28pm (report abuse)This seems like a great way to help bail out our financially strapped posession without using our taxes - being funded through investment. Sounds like a winner that won't cost us!
RIDGEGOLF
August 29, 2007, 8:29pm (report abuse)SOUNDS LIKE A WIN WIN WIN. TAX GOEST TO TREASURY, INVESTORS GET TAX DEFERRAL, US VIRGIN ISLANDS GET PERMANANENT FUNDING FOR 30 YEARS. WHY WAIT FOR ANOTHER HURRICANE TO ACT?
mark posey
August 30, 2007, 5:56am (report abuse)what a nice, cost effective way, to help a neighbor. no one gets hurt.
Charlie
September 2, 2007, 3:41pm (report abuse)Great idea that will do a lot of good
JAMES FLIBBER 11
September 7, 2007, 2:48pm (report abuse)As I see it, it is something that will assist the Virgin Islands to
make much needed improvements to infrastructure in a very cost effective way for the government --My wife and I are all for this type of fundingc
GERARD SHANAHAN
September 13, 2007, 3:48pm (report abuse)It seems to me that such a step would be very helpful for the Virgin Islands, without any tax costs
Phil
December 27, 2007, 5:48pm (report abuse)9800 earmarks on this last spending bill and no indication that this bill was among them? Is something wrong or are the updates slow in being recorded???
James
May 12, 2008, 11:00am (report abuse)Congress needs to take more innovative approaches like this one to solving its uncontrolled overspending and overtaxing (really fleecing) the public that it's supposed to be protecting.