May 1, 2008 — Virgin Islands residents could begin to see economic stimulus rebates as early as May 12, according to a Thursday statement from Government House.
The $41.5 million in rebates from the U.S. Treasury Department, part of the Bush Administration's economic stimulus plan, has arrived at the Finance Department, according to Gov. John deJongh Jr.
"The monies were received on Wednesday and both the Bureau of Internal Revenue and Finance Department are working aggressively to establish a schedule for payment of the rebates to V.I. taxpayers," deJongh said.
Both deJongh and Delegate Donna Christensen made sure that the rebates were funded by Treasury so V.I. residents would not be left out of the package because the territories had no economically feasible way to finance the rebates.
"The government will issue 3,000 checks at a time based on the date the 2007 tax return was filed," Bureau of Internal Revenue Director Gizette Thomas said Thursday. "We are hoping to have the majority of the rebate checks in the mail by the end of June."
She also said V.I. residents have until Oct. 15 to file their income tax returns and receive a rebate check in this calendar year. Any eligible taxpayer filing after that date won’t get the rebate check until a 2008 income tax return is filed..
Eligible Virgin Islanders, like their neighbors on the mainland, will receive up to $600 per individual and up to $1,200 for couples filing jointly. Taxpayers will also receive $300 per child.
Those who had at least $3,000 of earned income, but who earned too little to be subject to income taxes, will get $300 per individual and $600 per couple. Such taxpayers would also be eligible for the $300 child credits.
Recipients of Social Security or disability benefits, veterans and disability benefits are also eligible for a rebate under guidelines of the economic stimulus plan if their benefits exceed $3,000 per year, Thomas said.
Meanwhile, more than $28.5 million has been paid out in 2007 income tax refunds to Virgin Islands taxpayers. "The Bureau of Internal Revenue has paid refunds to more than 11,000 taxpayers since March 11," deJongh said Thursday in a statement, adding that approximately $5 million in refunds are being authorized each week.
Thomas said that prior to the April 15 tax filing deadline, about $5 million in refunds were authorized each week but significantly more refunds will be sent this week in order to meet the June 1 deadline of issuing the bulk of the income tax refunds and help the government to avoid accruing interest.
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