§ 744. Requirements for granting benefits
To qualify and remain eligible for benefits, an individual, partnership, joint venture, corporation, or organization which applies for benefits provided under this subchapter must: (a) Establish a facility deemed suitable and safe by the appropriate governing agencies, with adequate equipment, machinery, safety mechanisms, and other necessities for the initiation and maintenance of a complete program […]
§ 745. Tax exemptions to beneficiaries
An individual, partnership, joint venture, corporation, or organization who qualifies under the provisions of this subchapter shall be entitled to: (a) An exemption from the payment of all gross receipts taxes while the business remains in operation and maintains its mission of providing recreational services for young people as specified in the approved application for […]
§ 746. Obligations of the beneficiary
(a) A beneficiary shall be required to promote the sport and/or recreation activity to young people within the territory by sponsoring and/or co-sponsoring youth leagues, which may include inter-island competitions between high schools. (b) A beneficiary shall hire and train individual employees pursuant to the provisions of Title 29, chapter 12, section 710, Virgin Islands […]
§ 719. Transferability Voluntary Termination
(a) An economic development certificate granted under the provisions of this subchapter may be transferred, for the unexpired portion of the term of the certificate, to another person, corporation, partnership, who or which succeeds the beneficiary in carrying on or in operating the industry or business for which the certificate is granted, upon determination of […]
§ 720. Computation and determination of subsidy
(a) The Director of the Virgin Islands Bureau of Internal Revenue, upon application for payment made by a beneficiary entitled to subsidy under the provisions of this subchapter and after audit, shall compute and determine currently the amount of such subsidy. Upon certification of the Director of the Economic Development Commission, the proper officers are […]
§ 721. Limitation of claims or deductions
No claim or deduction by a beneficiary from income tax liability to the Virgin Islands for any taxable year based upon subsidy benefits provided for under this subchapter shall be allowed or made after the expiration of two years from the time the tax was paid.
§ 722. Revocation, suspension or modification of certificate
Subject to the approval of the Governor, an economic development certificate granted in accordance with the provisions of this subchapter may be revoked, suspended or modified by the Commission, after due notice, public hearing and written findings by the Commission that: (1) the beneficiary has failed to maintain compliance with the requirements of this subchapter, […]
§ 723. Penalty for violations
(a) The Commission shall promulgate a schedule of fines for violation of any provision of this subchapter and the Beneficiary’s Certificate within 90 days of the effective date of this section. (b) If any Beneficiary shall violate any provision of this subchapter, any rule or regulation promulgated hereunder, or provision of its Economic Development Certificate, […]
§ 724. Appeals
Any applicant or beneficiary aggrieved by any action of the Commission under the provisions of this subchapter shall be entitled to judicial review thereof by appealing to the Superior Court of the Virgin Islands within 30 days after final decision by the Commission or Governor. Upon such review all findings, decisions or determinations by the […]
§ 725. False or fraudulent statements or representations; false claims for benefits
Any applicant or beneficiary who shall willfully make 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 same, or who shall willfully make or […]