Tax Credits Available in the U.S. Virgin Islands

It is almost that time of the year and many of us are looking for tax credits in the  U.S. Virgin Islands.  While I am not an accountant and would not begin to give tax advice, I did come accross this list of credits relative to property taxes in the U.S. Virgin Islands.

The follow property tax credits are available in the U.S. Virign Islands and have specific requirements:

Homestead Tax credit - $400

You must have occupied your primary residence from January 1 and be able to provide:

A USVI driver's License

A USVI voter's registration ID

And a current utility bill in your  name

Veterans Tax Credit - $650

You must have occupied your primary residence from January 1 and be able to provide:

Proof of an honorable discharge from the U.S. Armed Forces

A copy of your DD-214

A copy of a photo ID

    USVI Driver's License or

    USVI Voter's Registration ID and

    Current utility bill in your name

Disabled Tax Credit - $500

You must have occupied your primary residence from January 1 and:

Individual annual gross income should  be no more than $30,000, inculding Social Security

Household annual gross income should be no more than $50,000, inculding Social Security

A current utility bill in your name

You  must provide a stamped copy of your prior three years tax returns

Proof of disability (Social Security Certificate)

This must be re-applied for annually  

Senior Tax Credit - $500

You must have  occupied your primary residence from January 1

You must be 60  or older

You must provide a stamped copy of your prior three years tax returns

A current utility bill in your name

Individual annual gross income should not be more than $30,000, including Social Security

Household annual gross income should not be more than $50,000, including Social Security 

You must provide USVI Senior Citzens ID Card or other USVI ID with a DoB

Class 1 Inheitance Tax Credit

Property must be inherited

You must provide a copy of the adjudication

Land must be essentially unimporved for  5 acres or less

Improvements  be under $5,000

You are able to receive an 80% credit 

Residency is not required

Living  Trust

There are three more categories for my next blog