Virgin Islands governor submits Timeshare Act to Senate
ST THOMAS, USVI -- US Virgin Islands Governor Kenneth Mapp has submitted to Senate President Myron Jackson a proposed bill known as the “Virgin Islands Timeshare Act.” The Bill is the product of a cooperative effort between the USVI government and the timeshare industry, and has been crafted to benefit the government, the timeshare industry, and timeshare owners in equal measure.
Timeshare units host over 100,000 guests per year in the USVI and these visitors contribute a significant amount of revenue to the economy during what is normally a weeklong stay. There is currently no comprehensive regulatory regime governing the ownership and use of timeshare units and the growth of the timeshare industry has created a significant strain on the Tax Assessor’s Office.
The Lt Governor has acquired two additional staff members to field the hundreds of telephone calls from the timeshare owners who have many questions. The number of tax invoices has more than doubled and is growing. The Tax Assessor’s office needs a software upgrade to modernize the management and collections process.
This Bill addresses both of these issues by enacting a modern timeshare statute and also streamlines procedures, improves tax collection, and reduces the strain on the judicial and executive branches of government.
Read more: http://www.caribbeannewsnow.com/topstory-USVI-governor-submits-Timeshare-Act-to-Senate-33413.html