St. Croix Real Estate

If you are a first-time home buyer this year, you may be eligible to take a tax credit of $8,000, making it easier to afford to make the financial leap.

Under the federal stimulus package passed earlier this year, first-time home buyers can deduct 10 percent of the cost of a home purchased as your primary residence -- up to $80,000, for a maximum of $8,000 -- from their income tax. It is a refundable tax credit, so if you owe less than your credit, you can get the difference in your income-tax refund. This year's federal stimulus package explicitly offers the tax credit to state residents, but is silent on the territories.

"There has been some concern that because language in the stimulus legislation states that those eligible for the credit include the 50 states and the District of Colombia that the territories are not eligible," Delegate Donna M. Christensen said in a statement from her office. "However, for the Virgin Islands and Guam, the mirror tax makes changes to the�U.S.code applicable to our territories."

If you already purchased a home you can still use the deduction, so long as the purchase was after Jan. 1. If you are considering buying a home, the tax credit is another factor to consider as you budget and determine what you can afford.

There are so many opportunities for buying in St Croix right now - it's almost unbelievable what prices are being offered for oceanfront or oceanview homes.  Contact me for some ideas.

Kim Lucas, Realtor
340-626-3758
www.kimlucasvi.com
kim@coldwellbankervi.com

The U.S. Virgin Islands and the Virgin Islands Economic Development Authority (VIEDA) were featured on Delta Airlines' In-flight Video during the month of April 2009.  That video is now online for you to see at the USVIEDA web site.

The video focuses on the quality of life offered residents of the Virgin Islands, and the generous tax incentives for businesses.   Showing the beautiful beaches and blue water, and the historic quaint towns, it makes a strong case for using the US tax benefits while enjoying a Caribbean Island culture.  "This video is a great opportunity to create greater global exposure about the Virgin Islands EDC Program," says Mr. D. Jerry Garcia, the Director of Marketing and Public Relations for the VIEDA.

Governor John P DeJongh Jr. is very supportive of business in the Virgin Islands.  In his Message from the Governor on the USVIEDA site, he explains,

"My Administration is firmly committed to supporting economic development in the United States Virgin Islands. We boast a strong and rapidly growing economy that is evident with an unprecedented influx of business development to our islands on a daily basis...

"Tax benefits and various incentives are only a part of the reason that one should engage in business initiatives on our beautiful shores. We also offer an educated, multi-skilled work force with a unique and superior quality of life. For service businesses and light, non-polluting manufacturers, our people, lifestyle, natural beauty and our pro-growth policies make the U.S.V.I. a wonderful business location."

While helping many folks research relocation to St Croix, most ask about working or starting their own businesses.  If you watch the video, I think you will agree the business climate here is very friendly.  Two recent developments - the new rum distillery and approval for Robin's Bay - will bring jobs and economic stimulus.  Contact me for a free copy of Relocation to the Virgin Islands, and/or Retiring in the Virgin Islands.  Also, you'll find loads of information on my web sites.

Hope to see you here soon -

Kim Lucas, Realtor
www.kimlucasvi.com
www.retireinthevi.com
kim@coldwellbankervi.com
340-626-3758