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January 29, 2008
Gov. deJongh: Economic Stimulus Bill passes U.S. House; bill could mean $30 million in federal funds to the V.I. Economy The U.S. House of Representatives Tuesday passed, by an overwhelming margin, a bipartisan national economic stimulus plan which fully includes the Virgin Islands and reimburses the local government for its cost, according to Gov. John P. deJongh Jr. The bill, once enacted into law, is expected to pump over $30 million of federal funds into the local economy. deJongh said the House bill would guarantee almost all Virgin Islands taxpayers tax rebates of up to $600 per individual and up to $1,200 for couples filing jointly. Taxpayers would also receive $300 per child. Taxpayers who had at least $3,000 of earned income, but who earned too little to be subject to income taxes would receive $300 per individual and $600 per couple. Such taxpayers would also be eligible for the $300 child credits. Under the House bill, the Virgin Islands Bureau of Internal Revenue would be responsible for sending out the rebate checks to V.I. taxpayers. The U.S. Treasury would then reimburse the local Treasury for the entire cost of the rebates. deJongh said the stimulus bill would provide a tremendous boost to the Virgin Islands economy by giving V.I. taxpayers much needed tax relief while pumping millions of dollars into the local economy. "A V.I. family of four could receive a check for as much as $1,800 to pay bills and to encourage additional consumer spending." deJongh said he was very gratified by the House vote and the decision to include special rules for the Virgin Islands, which will allow the Virgin Islands to share in the nation’s recovery. deJongh thanked Speaker of the House Nancy Pelosi (D-California), House Minority Leader John Boehner (R-Ohio) and Chairman of the House Ways and Means Committee Charles Rangel (D-New York) for their support of the special V.I. rule. The Chief Executive also thanked Delegate Donna Christensen for her efforts to win favorable treatment for the Islands. The Senate Finance Committee is expected to consider a slightly different version of the House bill on Wednesday. The Senate bill also includes similar language for the Virgin Islands and other territories. deJongh started working to ensure inclusion of the Virgin Islands in the federal stimulus plan immediately after President Bush announced he was calling on Congress to enact temporary and targeted tax relief to help the country avoid recession a week and a half ago. The Chief Executive sent letters to the House and Senate leadership, the tax-writing committees of both Houses, and to the Secretary of the Interior. He has also been in touch with Congressional leaders via telephone. "There is still a ways to go, but I am hopeful that Congress can complete action by early next month and that rebate checks can be sent to our taxpayers before the end of Spring," DeJongh said. |
