Virgin Islands Bureau of Internal Revenue said stimulus payment plan was under federal review

The Virgin Islands Bureau of Internal Revenue said on April 28, 2020, that it planned to use 2018 tax returns as the basis for issuing Economic Impact Payments authorized under the CARES Act, which was signed into law on March 27, 2020.

The bureau said it had been in contact with the Internal Revenue Service and had joined weekly meetings with representatives of other U.S. territories to determine what data and documentation were required for the payments.

According to the bureau, it submitted its draft payment plan to the IRS on April 2, 2020. The plan was under review by IRS staff and, once approved, would be sent to the U.S. Treasury Department for final processing.

The bureau said the Treasury Department, on April 26, 2020, recommended $84.7 million as the cost of Economic Impact Payments for eligible Virgin Islands residents. The bureau said it accepted that estimate within 24 hours. It said Treasury would advance the funds and that the bureau was prepared to process payments once the plan was approved.

The bureau also urged taxpayers who had not filed 2018 returns with the agency to do so in order to receive the payments.

Official source: https://www.vi.gov/oficina-de-rentas-internas-actualiza-sobre-el-estado-del-plan-de-pago-de-estimulo/