To amend the Internal Revenue Code of 1986 to assist in the recovery and development of the Virgin Islands by providing for a reduction in the tax imposed on distributions from certain retirement plans' assets which are invested for at least 30 years, subject to defined withdrawals, under a Virgin Islands investment program.
Virgin Islands Improvement Act of 2007 - Amends the Internal Revenue Code to provide for a reduction of taxes on distributions from certain retirement savings plans designated as being under investment by the Virgin Islands Investment Program for at least 30 years. Defines "Virgin Islands Investment Program" for purposes of this Act as a fund with managed amounts of less than $50 billion. Imposes a 1% annual tax on managed funds to benefit Virgin Island infrastructure development.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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