(a) In the case of any overpayment, the Director, within the applicable period of limitations, may credit the amount of such overpayment, including any interest allowed thereon, against any liability in respect of an internal revenue tax on the part of the person who made the overpayment and shall refund any balance to such person.
(b) The Director of the Bureau of Internal Revenue shall maintain in the general ledger of the General Fund in the Treasury of the Virgin Islands an account to be designated the Reserve for Internal Revenue Tax Refunds. There shall be credited directly to such reserve account monthly not less than 10 percent of the receipts from income tax collections. The refunds or credits administratively granted under subsection (a) of this section shall be paid or credited by the Director of the Bureau of Internal Revenue, without the necessity for annual appropriation and shall be chargeable to the reserve account.
(c) The Director of the Virgin Islands Bureau of Internal Revenue shall establish an income tax refund assignment program which allows taxpayers who are owed tax refunds by the Government of the Virgin Islands to voluntarily assign the proceeds of any tax refund to the Government of the Virgin Islands for the payment of any outstanding real property tax obligations.
(d) The Director of the Bureau of Internal Revenue, in cooperation and coordination with the necessary government departments and instrumentalities, shall promulgate the required rules and regulations which may include the issuance of a “tax credit voucher” in order to effectuate the provisions of subsection (c) of this section.
(e) Upon a taxpayer's assignment of tax refunds to the Government of the Virgin Islands for the payment of outstanding real property taxes under this section, no further interest or penalty shall be imposed on the portion of the outstanding real property taxes covered by the tax refund assignment.
(f) A tax payer owed a refund has the option of receiving his refund by direct deposit or by check. At the time of filing the tax return the tax payer shall indicate on a form provided by the Internal Revenue Bureau, the method to be used to expedite the refund and provide the necessary information requested by the Bureau.