Bill No. 35-0333 - An Act amending title 33 Virgin Islands Code, subtitle 2, chapter 81, section 2305 by increasing the maximum annual gross income qualifying amount for
COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE BILL NO. 35-0333 Thirty-Fifth Legislature of the Virgin Islands September 18, 2024 An Act amending title 33 Virgin Islands Code, subtitle 2, chapter 81, section 2305 by increasing the maximum annual gross income qualifying amount for the homestead exemption tax credit for individuals and persons with disabilities and increasing the amount for a household of individuals and persons with disabilities PROPOSED BY: Senators Marvin A. Blyden and Angel L. Bolques, Jr. Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. Title 33 Virgin Islands Code, subtitle 2, chapter 81, section 2305 is 2 amended in subsection (b)(3)(B) and (b)(4)(B) by striking “$30,000” and inserting “$45,000” 3 and by striking “$50,000” and inserting “$75,000” where they appear in the two instances. …
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COMMITTEE ON BUDGET, APPROPRIATIONS AND FINANCE BILL NO. 35-0333 Thirty-Fifth Legislature of the Virgin Islands September 18, 2024 An Act amending title 33 Virgin Islands Code, subtitle 2, chapter 81, section 2305 by increasing the maximum annual gross income qualifying amount for the homestead exemption tax credit for individuals and persons with disabilities and increasing the amount for a household of individuals and persons with disabilities PROPOSED BY: Senators Marvin A. Blyden and Angel L. Bolques, Jr. Be it enacted by the Legislature of the Virgin Islands: 1 SECTION 1. Title 33 Virgin Islands Code, subtitle 2, chapter 81, section 2305 is 2 amended in subsection (b)(3)(B) and (b)(4)(B) by striking “$30,000” and inserting “$45,000” 3 and by striking “$50,000” and inserting “$75,000” where they appear in the two instances. 4 BILL SUMMARY 5 This bill increases the maximum gross income qualifying amount to be eligible for the 6 homestead exemption tax credit for individuals and for persons with disabilities from $30,000 7 to $50,000 and by increasing the household amount of individuals and persons with disabilities 8 from $50,000 to $75,000 based on the change in the Consumer Price Index since the threshold 9 was set in 2008. 10 BR23-0443/March 7, 2023/SLR 11