Virgin Islands Annual Incentive Compensation Plan
Description
How to fill out Annual Incentive Compensation Plan?
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FAQ
The USVI has its own income tax system based on the same laws and tax rates that apply in the United States. An important factor in USVI taxation is whether, during the entire tax year, you are a bona fide resident of the USVI.
An economic development corporation ("EDC") is an organization common in the United States, usually a 501(c)(3) non-profit, whose mission is to promote economic development within a specific geographical area. These organizations are complementary to Chambers of Commerce.
USVI Tax Incentives & The Economic Development Commission up to 90% reduction in corporate and personal income tax; 100% exemption on other taxes, including business property and gross receipt taxes; U.S. currency, courts, and flag protection; rental space at below market rates in sponsored industrial parks.
A few states, notably including Florida and Texas, offer an unlimited homestead exemption, allowing a homeowner to protect 100% of the value of a primary residence. In most states, though, the exemption is capped at a prescribed dollar amount, sometimes doubled for married couples.
The Tax Assessor shall provide: (1) A tax credit of $400 to property owners and their spouses who reside in the homestead; (2) A tax credit of $650 to property owners who are veterans or the widowed spouse of a veteran of the Armed Services of the United States of America.
(a) For the purposes of this section a homestead shall constitute the abode including land and buildings, owned by, and actually occupied by, the property owner, or by members occupied by, a person, or by members of the property owner's family free of rental charges.
Property located in the U.S. Virgin Islands, or stock of U.S. Virgin Islands corporations (including U.S. Virgin Islands exempt companies) is not considered U.S.-situs property under the U.S. federal estate tax. Therefore it is not included in the gross estate of a non-resident alien of the United States.
Do you pay property taxes in USVI? Yes, property taxes are levied in the US Virgin Islands. The exact amount will depend on the assessed value of the property, but it is generally lower than in many US states. Additionally, the USVI offers a homestead exemption for primary residences.
