§ 753d. Annual cost benefit analysis
The Bureau of Economic Research shall cause an annual cost benefit analysis of the Incentives awarded under this subchapter for the purpose of determining the overall economic impact on the Treasury of the Virgin Islands.
§ 753a. Eligible Incentives Granted.
(a) Each Qualified Production Company, both resident and nonresident, is eligible for the Incentives provided in this section upon meeting the requirements of section 753; each Qualified Production Company may select one or more of the following Incentives: (1) A production company that has submitted an application for Incentives and has been approved is allowed […]
§ 753b. Procedure for application for tax incentives
(a) The tax liabilities for income meeting the requirements of section 753a may be reduced or rebated pursuant to the Internal Revenue Code of 1986, as amended, and as applicable to the Virgin Islands by offsets to Qualified Production Expenditures and taxes payable to the Territory. (b) The tax credit granted under section 753a is […]
§ 753c. Sale or transfer of tax credits
(a) Any tax credits with respect to a Territory Certified Production earned by a Production Company and previously claimed but not used by such Production Company against its income tax or other tax liability may be transferred or sold in whole or in part by such Production Company to another Virgin Islands taxpayer, subject to […]
§ 747l. False or fraudulent statements or representations; false claims for benefits
(a) An applicant or beneficiary who willfully makes any false or fraudulent statement or representation as to any fact required or appropriate to the determination of the qualifications of eligibility of such applicant or beneficiary for benefits under this subchapter, or for the continuation or extension of the benefits, or who willfully makes or presents […]
§ 750. Purpose
(a) The purposes of this subchapter are to enhance the Virgin Islands” economy by revitalizing and expanding the attraction of the film, video, and other media recording, motion picture, and television industries and related media productions to the Virgin Islands and to promote the growth of Virgin Islands small businesses related to and servicing these […]
§ 752. Administration of Incentives
(a) The Virgin Islands Economic Development Authority in partnership with the Department of Tourism is responsible for managing applications for Incentives under this Program. (b) The Economic Development Authority shall be responsible for managing applications for incentives provided in this subchapter. (c) Funding for the establishment of the Incentives must be budgeted from the operational […]
§ 753. Qualification for tax incentive benefits
(a) In order to qualify and remain eligible for tax incentive benefits under this subchapter, an applicant must: (1) Be a Resident Production Company or a non-Virgin Islands entity that has obtained a license to do business in the Territory under 27 V.I.C. § 302. (2) Expend a minimum of $250,000 on Qualified Production Activities […]
§ 747g. Certificate; effect of; contents
(a) The Certificate issued under this subchapter constitutes an enforceable contract between the Government of the Virgin Islands and the beneficiary, and pursuant to 48 U.S.C. §1561, the Government may not enact any law impairing the obligation of such contract. The Certificate must be issued by the Director in the name of the Government of […]
§ 747h. Transferability of Certificates
A Certificate granted under this subchapter may be transferred, for the unexpired portion of the term of the Certificate, to another corporation that succeeds the beneficiary in carrying on or in operating the industry or business for which the Certificate is granted, upon determination of the Director that the corporation is otherwise qualified to receive […]