Exemptions

The Program and accounts are exempt from any statute regulating securities. The property of the Program and the earnings from the Program are exempt from all taxation by the Government of the Virgin Islands. Contributions made to an account, any increase in the value of those contributions, the retention or transfer during life or as a result of death of any legal interest in an account, and payment of qualified disability expenses of eligible individuals from an account, are exempt from all taxation by the Government of the Virgin Islands.