Tax Refunds & GERS Investment

I have proposed USVI tax refunds be paid in full on a timely basis as this money does not belong to the USVI. These are overpayments that are required, by law, to be immediately returned to the tax payer.

Furthermore, to fund the overdue payments of tax refunds, I will arrange for the GERS (Gov Employee Retirement System) to purchase the delinquent property taxes owed to the USVI government.

This provides immediate cash to the USVI general fund to pay all of the tax refunds, while also providing the GERS with an investment that is far superior to its current investments, as the both the interest rate and credit quality are higher than those of current investments.

Additionally, the GERS will never force the sale of properties with delinquent property taxes, but instead the GERS will get paid only when voluntary payments are made or when the property is sold.

This ensures that no Virgin Islander will be forced to sell a property for non payment of property taxes. This not only helps property owners but also is consistent with the GERS investment need for long term investments to match its long term liabilities.