Sen. Roosevelt David successfully offered an amendment to the V.I. Code last Friday that will, ostensibly, prevent Industrial Development Commission benefits now enjoyed by the V.I. Community Bank from passing on to VICB's acquisition of Chase Manhattan Bank.
In a release from his office Tuesday, David said neither he nor his Senate colleagues could allow smart corporate maneuvering to further diminish the tax rolls.
Though David wants to see a comprehensive tax reform package that would include a "total reworking of the IDC laws," he said felt it was necessary to implement a stopgap measure.
David said he was "deeply concerned" that the merger between VICB and Chase would ultimately result in the closing of Chase branches on St. Croix, thus eliminating jobs.
He added that he hoped his projection was incorrect.
