Local news St. Thomas
Funds from the Lonesome Dove oil well will go toward the Government Employee Retirement System after the company’s V.I. tax obligation of $21 million is paid off, if a bill approved in the Finance Committee Monday is enacted into law.
The action will not help stave off GERS bankruptcy but is welcome, GERS officials testified.
The territory was awarded the leases, which generate around $1 million annually, as settlement in a tax case. The company owes roughly $21 million. (See Related Links below)
“Simply put, this bill is putting the revenue derived from the Lonesome Dove oil well toward the unfunded GERS liability,” the bill’s sponsor, Sen. Clifford Graham said.
GERS Administrator …
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