An act amending title 29, Virgin Islands Code, chapter 12, subchapter I by adding a new section 713c to limit income tax refunds for economic development
Sponsored By: Avery L. Lewis
Enacted
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Refunds delayed for economic development beneficiaries
If you are a certified economic development beneficiary, the tax agency does not pay any refund tied to program income until your total program tax breaks are fully offset. Before paying any refund, the Bureau adds up all income tax reductions you received under section 713b during your time in the program. Any refund from income with program benefits is used to reduce that total, no matter what year you got the benefits. The offset in a year cannot be more than that year’s refund; any leftover balance carries forward to cut future refunds. Refunds from non‑program business taxes are also applied as offsets when the loss comes from activity that qualifies for program benefits. The Bureau may issue rules to run these offsets.
Timely overpayments paid to economic development beneficiaries
If you timely filed an original return and it shows an overpayment only because your payments were more than the tax due, you get that refund. The offset rules do not apply to that kind of refund.
Sponsors & Cosponsors
Sponsor
Avery L. Lewis
legislature
Cosponsors
Angel L. Bolques, Jr.
legislature
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Enacted
6/9/2026legislatureTo Governor
6/3/2026legislatureFloor
5/28/2026legislatureIntroduced
5/8/2026legislature
Bill Text
Enacted Act
6/9/2026
Bill Text
5/8/2026
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