Investors push for VI tech companies

A former Oracle executive, and VI native, is promoting the territory as the next Silicon valley.  Michael Fields, chairman of Crucian Global Inc.,
is among the business people working to revive the Economic Development
Commission that allowed VI-based companies to shield up to 90 percent
of their profits from U.S. taxes, according to a report by Bloomberg News.
Fields says a new Treasury Department allows software companies to
qualify for the tax break.  He also said a concentration of Internet
bandwidth in St. Croix, owned by AT&T and Global Crossing, offers great opportunity.  David Nissman, business development director for StoneTree Group, said, “The next great Yahoo or Google could grow here.”

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