20-162L 20-162L . . . Long Term Incentive Program For Senior Management under which Compensation Committee may award (a) stock appreciation rights and (b) performance share units. Performance share units entitle holder to receive cash payment equal to (i) average market price of one share of corporation common stock during December ("Measuring Month") in third calendar year following year in which award is made, plus (ii) aggregate dividends with respect to one share of corporation common stock from January 1 of year in which award is made until last day of Measuring Month. At maturity, number of units initially awarded shall be (i) multiplied by fraction that corresponds to average annual percentage increase or decrease in book value per share of corporation common stock over four year period prior to maturity, and (ii) then further adjusted based on ratio of market value of corporation common stock to its book value as compared to that of comparable electric utility companies
Virgin Islands Long Term Incentive Program for Senior Management
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Multi-State
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US-CC-20-162L
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Word;
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US Virgin Islands does not use a state withholding form because there is no personal income tax in US Virgin Islands.
USVI Tax Incentives & The Economic Development Commission up to 90% reduction in corporate and personal income tax; 100% exemption on other taxes, including business property and gross receipt taxes; U.S. currency, courts, and flag protection; rental space at below market rates in sponsored industrial parks.
The USVI is an organized, unincorporated territory of the United States, meaning it follows U.S. laws but also has its own local government. It also means that not all of the U.S. Constitution applies to the people living there.
The USVI has its own income tax system based on the same laws and tax rates that apply in the United States. An important factor in USVI taxation is whether, during the entire tax year, you are a bona fide resident of the USVI.
A USVI corporation pays an effective tax rate of approximately 23.1% on its eligible income, and with the 90% tax credit, the effective rate is 2.31%. (Salaries and other forms of compensation, such as guaranteed payments, are fully taxable.)
There is no corporate income tax or personal income tax in the BVI. Hence, individuals in the BVI do not have to pay taxes on any income earned from their business.
Under the mirror system, the U.S. Virgin Islands adopts the U.S. Internal Revenue Code as if it were the territory's code, except that the name of the territory is substituted for the United States, and vice versa. Thus, the income tax requirements for retirement plans under the two Codes are the same.
With respect to an individual to whom section 932(a) applies for a taxable year, for purposes of taxes imposed by Chapter 1 of the Internal Revenue Code (Code), the United States generally will be treated, in a geographical and governmental sense, as including the Virgin Islands.