While many Americans continue to complain about their taxes and small businesses in this political environment, we have one man who says there's another place you can go and it's still in the US. I have Governor John D. Young here in the studio. Governor, thanks so much for being here. Thank you, thank you for having me here. So Governor D. Young, to me it sounds like you guys right now are trying to encourage businesses to move to the US Virgin Islands. Is it a government-sanctioned tax haven? No, it's not. We are encouraging people to come and do business in the Virgin Islands. We're well known for our tourism, but we want people to see the other side. And that side is on a congressionally sanctioned and approved program that we're using for economic development purposes, to be influential enough that will attract businesses down to the Virgin Islands. But it's a program that Congress has sanctioned and said, "This is how we want you to grow." And that's what we're using to make ourselves much more attractive, just as we are for tourism. I know a big development in the US Virgin Islands in 2012 was when Hovensa decided to shut down operations. That's a hundred million dollars in yearly revenue and 2,000 jobs. Is your plan to bring businesses to the US Virgin Islands a reaction to that? Actually, you know, we've intensified as a result of that. Hovensa has been a part of our community since the 1960s, a tremendously important employer, particularly on the island of St. Croix. So what we're doing now is recognizing that we have to fill that gap, and we're working with the owners of Hovensa to sell the oil refinery. We think the VI is still extremely attractive to have an oil...
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Us virgin islands personal income tax Form: What You Should Know
Form 8689 is not required whenever an individual is an employee of the U.S. Virgin Islands, unless a Form W-8 has been issued by the business for employment of the individual. It is a form for assigning a credit and withholding tax on income from the U.S. Virgin Islands to your resident tax return on IRS Form 1040 or 1040-SE. The allocation is to be made as follows: The United States Virgin Islands' gross income from sources in the U.S. is allocated, based on the amount of income claimed, 50 percent.  This would include income from a home office in the U.S. Virgin Islands, and from an individual who is an employee of the U.S. Virgin Islands and who is not living on the premises of a person other than a business.  This tax is imposed on any income paid by an individual to the U.S. Virgin Islands through wages, salary, commissions, salaries, or other compensation and in the form of real property or any other asset. A person is considered to be an employee of the U.S. Virgin Islands if the person's primary duty is to perform managerial or administrative duties or to carry on a trade or business in the U.S.A. A person is considered to be in the United States for the purpose of determining tax liability, or to be residing in the U.S. Virgin Islands for the purpose of determining tax residency, if they have a U.S. passport, are physically present in the U.S. Virgin Islands if they are physically present in the U.S. Virgin Islands during the majority of the calendar year and regularly attend events, such as weddings, funerals, conventions or functions, within the U.S. Virgin Islands that the individual normally attends, and are considered to be in the U.S. Virgin Islands for the purpose of determining tax residency under this subsection if they reside in the U.S. Virgin Islands during the majority of the calendar year. The tax is not reduced by any foreign earned income exclusion that occurs if the individual is an employee of the U.S. Virgin Islands or a resident of the U.S. Virgin Islands for income tax reporting purposes. To claim this exclusion, report income earned in the U.S. Virgin Islands as if it were earned in the U.S. The person must also include for each source of income in the U.S.
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