March 29, 2001 — Gov. Charles W. Turnbull has appointed seven Virgin Islands residents to a Foreign Sales Corporation Task Force created by executive order.
The FSC financial services industry was bringing in about $7 million annually to the treasury, but the federal tax program on which it is based is being phased out and will end at the close of 2001.
The task force is charged with finding options for the government to replace the resulting loss of revenue.
Members of the task force are Lt. Gov. Gerard Luz James II, who has oversight for FSCs as well as all corporations; Marjorie Rawls Roberts, a tax attorney and former counsel for the Internal Revenue Bureau; Richard Moore, an economist who helped establish the FSC program in the Virgin Islands in 1984; Alric Simmonds, Government House deputy chief of staff; Mary Busenburg, former president of the V.I. FSC Association; Nathan Simmonds, director of the Five Year Economic Recovery Plan Implementation program in the Office of the Governor; and former Sen. Anne Golden.
