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Charlotte Amalie
Thursday, August 11, 2022
HomeNewsLocal newsBIR Begins Distributing Child Tax Credit Payments

BIR Begins Distributing Child Tax Credit Payments

 

IRB Director Joel Lee testifies before the Senate Finance Committee about his department's budget Tuesday. (Photo by Barry Leerman for the V.I. Legislature)
BIR Director Joel Lee testifies before the Senate Finance Committee about his department’s budget Tuesday. (Photo by Barry Leerdam for the V.I. Legislature)

The V.I. Bureau of Internal Revenue is implementing the Advance Child Tax Credit payments authorized as part of the American Family Rescue Plan of 2021, according to BIR Director Joel Lee.

The payments will be made in five monthly installments beginning in August and running through December. Taxpayers eligible for the Advance Child Tax Credit will receive 50 percent of the child tax credit amount. For the majority of taxpayers this will be $300 a month, or $1,500 over the five-month period, the BIR news release said.

In a statement issued Thursday by her Washington, D.C. office, V.I. Delegate to Congress Stacey Plaskett credited the Democrats in D.C., where the party holds the White House and has the narrowest of margins in Congress.

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“Through the hard work of Congress and President Biden, Virgin Islands taxpayers with children under 18 will soon receive direct payments through the Advanced Child Tax Credit provisions outlined in the American Rescue Plan,” Plaskett said. “This credit helps set our children up for success as it puts more money in the pockets of hardworking parents.”
Plaskett said she and her staff will work to make sure the USVI is treated equitably.

Delegate Stacey Plaskett (D-VI) on the phone in her Washington D.C. office speaking with reporters in March 2020. (File photo provided by Delegate Stacey Plaskett's office)
Delegate Stacey Plaskett (D-VI) on the phone in her Washington, D.C. office speaking with reporters in March 2020. (File photo provided by the office of Delegate Stacey Plaskett)

Qualifying taxpayers with children under the age of 6 will be provided a $600 credit and will receive the additional balance per child owed to them as part of their 2021 tax refund, although the IRB’s Lee noted that his agency is still gathering data to determine which households will qualify.

There also are income thresholds and households exceeding those limits will see a reduction in their $300 per child per month payment. Those limits are $75,000 for a single parent, $112,500 for a taxpayer who files as head of household, and $150,000 for taxpayers married, filing jointly.

Questions about the Advance CTC or any of the eligibility requirements can be addressed to the IRB hotline at 340-714-9325.

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IRB Director Joel Lee testifies before the Senate Finance Committee about his department's budget Tuesday. (Photo by Barry Leerman for the V.I. Legislature)
BIR Director Joel Lee testifies before the Senate Finance Committee about his department's budget Tuesday. (Photo by Barry Leerdam for the V.I. Legislature)
The V.I. Bureau of Internal Revenue is implementing the Advance Child Tax Credit payments authorized as part of the American Family Rescue Plan of 2021, according to BIR Director Joel Lee. The payments will be made in five monthly installments beginning in August and running through December. Taxpayers eligible for the Advance Child Tax Credit will receive 50 percent of the child tax credit amount. For the majority of taxpayers this will be $300 a month, or $1,500 over the five-month period, the BIR news release said. In a statement issued Thursday by her Washington, D.C. office, V.I. Delegate to Congress Stacey Plaskett credited the Democrats in D.C., where the party holds the White House and has the narrowest of margins in Congress. “Through the hard work of Congress and President Biden, Virgin Islands taxpayers with children under 18 will soon receive direct payments through the Advanced Child Tax Credit provisions outlined in the American Rescue Plan," Plaskett said. "This credit helps set our children up for success as it puts more money in the pockets of hardworking parents." Plaskett said she and her staff will work to make sure the USVI is treated equitably.
Delegate Stacey Plaskett (D-VI) on the phone in her Washington D.C. office speaking with reporters in March 2020. (File photo provided by Delegate Stacey Plaskett's office)
Delegate Stacey Plaskett (D-VI) on the phone in her Washington, D.C. office speaking with reporters in March 2020. (File photo provided by the office of Delegate Stacey Plaskett)
Qualifying taxpayers with children under the age of 6 will be provided a $600 credit and will receive the additional balance per child owed to them as part of their 2021 tax refund, although the IRB's Lee noted that his agency is still gathering data to determine which households will qualify. There also are income thresholds and households exceeding those limits will see a reduction in their $300 per child per month payment. Those limits are $75,000 for a single parent, $112,500 for a taxpayer who files as head of household, and $150,000 for taxpayers married, filing jointly. Questions about the Advance CTC or any of the eligibility requirements can be addressed to the IRB hotline at 340-714-9325.