Bryan says federal law reopens Opportunity Zone designations for St. Croix development sites

Gov. Albert Bryan Jr. said on July 8, 2025, that newly signed federal tax and spending legislation reauthorized and expanded the federal Opportunity Zone program, allowing the U.S. Virgin Islands to designate new zones in 2026.

In a statement, Bryan said the territory planned to prioritize St. Croix industrial sites including the refinery and the Renaissance Campus for possible designation.

He said the legislation also included language allowing the Virgin Islands Water and Power Authority to sell electricity in designated industrial zones without rate regulation. Bryan said that provision was intended to support efforts to provide industrial power at 12 cents per kilowatt-hour.

Bryan said investors in designated zones could combine federal Opportunity Zone incentives with benefits available through the Virgin Islands Economic Development Commission and the territory's Free Trade Zone program.

Official source: https://www.vi.gov/governor-bryan-highlights-opportunity-zone-provision-in-newly-signed-federal-legislation-citing-major-economic-potential-for-st-croix/