V.I. Government Issues Additional $16.1 Million in Income Tax Refunds

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The Finance Department issued $16.1 million in income tax refunds with disbursements of $9.5 million on December 12, and another $6.6 million on Thursday, according to Government House.

This comes after a similar disbursement in November when the administration distributed distributed 6,981 income tax refunds totaling $18.8 million. This is money owed to taxpayers after over-collection of taxes due to excessive paycheck withholding or other reasons.

According to Government House, the administration of Gov. Albert Bryan and Lt. Gov. Tregenza Roach has issued $34.8 million in income tax refunds and a total of $63.8 million since taking office in January. Those refunds comprise 13,307 processed tax returns since October 1 and 26,127 processed returns since January.

“These returns signify my Administration’s commitment to stabilizing the government and restoring the public’s trust in it,” Bryan said in a statement. “As the territory’s economy continues its recovery and the government’s revenue continues to grow, going forward the Government of the Virgin Islands plans to be current on processing income tax refunds and issue refund checks in a timely manner to avoid falling into arrears as has been the case in past administrations, he said.

According to Government House, some income tax filers may not have received refunds because of a wrong address or Social Security number or because of an audit. Filers who want to check that their information is correct can call the Internal Revenue Bureau at 340-715-1040 on St. Thomas or 340-773-1040 on St. Croix.

This is the latest in a series of separate authorizations for tax refunds. For years, through at least three administrations, the V.I. government has periodically delayed tax refunds due to cash flow difficulties.

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Original Source: https://stjohnsource.com/2019/12/20/v-i-government-issues-additional-16-1-million-in-income-tax-refunds/