Benefits of $41.5 Million Reimbursement Will Soon Reach Islanders

Economic stimulus checks are coming from the feds to the USVI:

"April 28, 2008 -- The Virgin Islands government will soon receive $41.5 million from the U.S. Treasury to give $600 checks to most of the territory's taxpayers.

Congress passed a $150 billion dollar economic stimulus package earlier in the year calling for cash rebates to every taxpayer, with the goal of jump starting the economy with a rush of consumer spending. Those with direct deposit of their taxes began getting money in their accounts Monday. But the rebates put the Virgin Islands and other territories with tax systems tied to the federal rates in a bind. Because the territory collects income taxes locally at the rates set for federal income tax, the rebate checks would have come directly out of the V.I. government till, putting the budget $41.5 million in the hole."

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