APPLICATION OF WESTERN HEMISPHERE TRADE CORPORATION PROVISION UNDER THE VIRGIN ISLANDS TAX LAWS.

SEC. 307. APPLICATION OF WESTERN HEMISPHERE TRADE CORPORATION PROVISION UNDER THE VIRGIN ISLANDS TAX LAWS.For purposes of applying the income tax laws of the United States with respect to the Virgin Islands under the Act of July 12, 1921 (42 Stat. 123; 48 U.S.C. 1397), subpart C of part III of subchapter N of chapter 1 of the Internal Revenue Code of 1954 (relating to Western Hemisphere Trade Corporations) shall be treated as having been repealed effective with respect to taxable years beginning after the date of the enactment of this Act.