Bryan issued statement defending proposed GILTI change affecting Virgin Islands EDC program

Gov. Albert Bryan Jr. issued a statement on June 17, 2025, responding to Washington Post coverage of the Global Intangible Low-Taxed Income, or GILTI, tax provision and its effect on the U.S. Virgin Islands Economic Development Commission program.

In the statement, Bryan said the proposed change in the tax reform bill would correct what he described as an oversight in federal tax law that had disadvantaged EDC beneficiaries and discouraged investment in the territory when U.S. partners were involved.

Bryan said the provision had subjected U.S. citizens investing in the Virgin Islands to an additional layer of taxation, even though the GILTI clause was intended to address the use of foreign tax incentive programs. "We are not foreign. We are American," he said.

He said the issue had been addressed by the past three administrations and credited Delegate Stacey Plaskett with advocating for the territory in Congress.

Bryan said the proposed correction would make the EDC program more competitive and would help align investment in the Virgin Islands with U.S. economic interests.

Official source: https://www.vi.gov/governor-albert-bryan-jr-responds-to-washington-post-article-on-gilti-provision-correcting-a-longstanding-injustice-to-the-usvi/