I 
111TH CONGRESS 
1ST SESSION 
H. R. 95 
To amend the Internal Revenue Code of 1986 to assist in the recovery 
and development of the Virgin Islands by providing for a reduction 
in the tax imposed on distributions from certain retirement plans’ assets 
which are invested for at least 30 years, subject to defined withdrawals, 
under a Virgin Islands investment program. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 6, 2009 
Mrs. CHRISTENSEN introduced the following bill; which was referred to the 
Committee on Ways and Means 
A BILL 
To amend the Internal Revenue Code of 1986 to assist 
in the recovery and development of the Virgin Islands 
by providing for a reduction in the tax imposed on dis-
tributions from certain retirement plans’ assets which 
are invested for at least 30 years, subject to defined 
withdrawals, under a Virgin Islands investment program. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Virgin Islands Im-
provement Act of 2009’’. 
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SEC. 2. TAX-FREE DISTRIBUTIONS FROM CERTAIN RETIRE-
MENT PLAN ASSETS INVESTED UNDER A VIR-
GIN ISLANDS INVESTMENT PROGRAM. 
(a) IN GENERAL.—Part I of subchapter D of chapter 
1 of the Internal Revenue Code of 1986 (relating to pen-
sion, profit-sharing, stock bonus plans, etc.) is amended 
by adding at the end the following new section: 
‘‘SEC. 409B. TREATMENT OF DISTRIBUTIONS FROM CER-
TAIN RETIREMENT PLAN ASSETS INVESTED 
UNDER A VIRGIN ISLANDS INVESTMENT PRO-
GRAM. 
‘‘(a) IN GENERAL.—If an individual makes a one- 
time designation of an amount of qualified retirement sav-
ings as being under investment by the Virgin Islands In-
vestment Program for at least 30 years, then, as of the 
close of the 10th year, such amount (and any earnings 
properly allocable to such amount) shall be treated for 
purposes of this title— 
‘‘(1) as a designated Roth account in the case 
of qualified retirement savings described in sub-
section (b)(1), or 
‘‘(2) as a Roth IRA in the case of qualified re-
tirement savings described in subsection (b)(2). No 
amount shall be includible in gross income by reason 
of the change in treatment under the preceding sen-
tence. 
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‘‘(b) QUALIFIED RETIREMENT SAVINGS.—For pur-
poses of this section, the term ‘qualified retirement sav-
ings’ means— 
‘‘(1) amounts attributable to elective deferrals 
under an applicable retirement plan, and 
‘‘(2) amounts held in an individual retirement 
plan which is not a Roth IRA. 
‘‘(c) VIRGIN ISLANDS INVESTMENT PROGRAM.—For 
purposes of this section— 
‘‘(1) IN GENERAL.—The term ‘Virgin Islands 
Investment Program’ means a program of the Virgin 
Islands which meets the requirements of paragraphs 
(2), (3), (4), and (5). 
‘‘(2) MAXIMUM AMOUNT ACCEPTED FOR MAN-
AGEMENT.—A program meets the requirements of 
this paragraph if the amount accepted for manage-
ment 
under 
the 
program 
does 
not 
exceed 
$50,000,000,000. 
‘‘(3) FEES AND TAXES.—A program meets the 
requirements of this paragraph if— 
‘‘(A) the fees charged by investment man-
agers under the program do not exceed the fees 
customarily imposed by investment managers 
for managing like qualified retirement savings 
outside the Virgin Islands Investment Program, 
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