EFTA00813687.pdf

From: "Governor Kenneth E. Mapp' To: jeffrey E. <[email protected]> Subject: Re: Legislation Date: Mon, 24 Oct 2016 17:26:35 +0000 Got it, thanks From: Jeffrey E. [email protected]> Sent: Sunday, October 23, 2016 10:49:10 AM To: Governor Kenneth E. Mapp Subject: Fwd: Legislation see you tues? Forwarded message From: William Blum <I Date: Tue, Oct 18, 2016 at 6:15 PM Subject: Legislation To: "jeffrey E. ([email protected])" <jeevacation®gmail.com> Dear Jeff — Attached is the proposed transmittal letter to the Legislature from the Governor. I tried to draft it as a mostly "political" document, as opposed to the Explanation section of the bill itself which is more technical and "explanatory." Please give me any comments. Please note that I have not yet included the repatriation provisions in the letter because (1) I have not drafted them yet, and (2) I am unsure of how you think the Governor will want to handle that issue politically. I have also attached a slightly revised version of the legislation itself. There are no substantive differences from version 7 which I sent you last week. The changes are in the Explanation section regarding section 1423 (taxation of statutory trusts — pp. 45-47) and in the name of bill (I changed 2016 to 2017 in the title). By the way, my thought about how to draft the repatriation provisions is to establish a special type of statutory trust that requires a very large capital investment, the 25 employees we talked about, and the requirement that the trust and its assets remain in the USVI for a minimum period of time, etc. Bill William Blum I Partner SOLOMON BLUM HEYMANN LLP 40 Wall Street, 35th floor New York NY 10005 Tel Fax Email please note EFTA00813687 The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00813688