(St Croix,VI, August 29, 2006) — Delegate to Congress Donna M. Christensen said today that she was pleased about a notice made public today by the U.S. Treasury Department which clarifies that certain types of income relating primarily to what is referred to as “Intellectual Property/E-Commerce” income can be considered as Virgin Islands source income for purposes of U.S. tax law and the Virgin Islands EDC program.

“This is very good news for us, especially as it relates to the business models being actively pursued by officials of the University of the Virgin Islands and its Technology Park,” Christensen said.  “We have been trying for some time, to get Treasury to clarify that income streams that would be generated by businesses being contemplated for inclusion in the UVI Technology Park would qualify for EDC benefits.  Today’s notice at long last clarifies that it does.” 

“This notice will allow the university to go forward with greater confidence in recruiting business,” she said.  “In the meantime, we will continue to work with our friends in both the House and U.S. Senate to further clarify the remaining problem areas in the new rules or to pass corrective legislation if needed.”  Christensen said.