Sept. 10, 2003 – In her capacity as acting governor, Bernice Turnbull announced on Wednesday that 18,000 income tax refund checks amounting to $30 million have been sent to V.I. taxpayers.
Turnbull, the territory's Finance commissioner, by law serves as acting chief executive when both Gov. Charles W. Turnbull and Lt. Gov. Vargrave Richards are off island. Both traveled to Washington, D.C., for this week's Investment Development Conference for the U.S. territories hosted by the Interior Department.
The Legislature in approving the governor's request for authorization to borrow $235 million on the bond market to deal with the territory's fiscal crisis specified that $100 million of that amount should go for issuing income tax refunds and paying vendors.
Last week, when he signed the papers for a $100 million bridge loan to be repaid from a part of the bond proceeds, the governor promised that the refunds would promptly be paid. (See "V.I. gets $100M bridge loan; tax refunds to follow".)
Bernice Turnbull said on Wednesday, that with the issuance of the tax refunds, "there will be money in circulation throughout the territory, which is a shot in the arm for the economy."
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