The Economic Development Authority approved tax breaks on Tuesday for a company that manages SAM Nutrition. SAM Nutrition specializes in animal feed, animal health, organic fertilizer, and the food and nutrition industries. Also approved for benefit packages were a sports management company and a concrete producer.
Two of the companies gave presentations at a public hearing in May.
The sports management company was formed by WNBA star Aliyah Boston and her mother, Cleone Boston. The company name is Parach Resource Management. In Hebrew, Parach means to blossom and flourish.
The company would manage Boston’s merchandising and other financial matters and engage up-and-coming athletes on and off the island who may reach the professional level. Boston plays forward for the Indiana Fever. She is one of the top-rated players in the league, has signed a three-contract with Indiana worth $233,000, and has an endorsement deal with Adidas.
Shah Holdings was also approved to receive EDA benefits. The owners, Sunil and Mita Shah, moved from Minneapolis to St. Thomas in February. The Shahs manage SAM Nutrition.
The Shahs plan to move their company headquarters from Minnesota to the Virgin Islands and, if all goes well, potentially expand to growing food for animals and people in the territory.
The Shahs said at the May hearing that the USVI climate, cultural blends, and flora and fauna reminded them of their former home in Mumbai, India.
St. John Concrete, which began operations in 2017, was also approved for tax benefits.
The EDA tax benefit package includes:
- 90 percent reduction on personal income tax
- 90 percent reduction on corporate income tax
- 100 percent Exemption excise tax
- 100 percent Exemption business property tax
- 100 percent Exemption gross receipts tax
- Reduction in the customs duty from standard six percent to one percent
In other business, the board approved ownership changes for EDA beneficiaries Sunshine Shopping Center and Perfect Claims.
All six members of the board — Philip Payne, Positive Nelson, Kevin Rodriguez, Anise Hodge, Jose Penn, and Gary Malloy – attended the meeting.
