§ 726. Industrial Promotion Fund
There is established in the Treasury of the Virgin Islands a special account to be known as the “Industrial Promotion Fund” (hereinafter, the “Fund”). The Fund shall contain all appropriations made by the Legislature to the Fund for promotional activities and other purposes, and all monies deposited therein, pursuant to section 705 of this subchapter […]
§ 741. Declaration of Purpose and Policy
The Legislative intent of this subchapter is to promote the establishment of structured, sports-oriented and/or recreational facilities, to make opportunities for training and employment of local personnel in areas not currently available to Virgin Islands residents; to provide positive outlets for young people in an effort to curb juvenile delinquency; all of which purposes are […]
§ 742. Definition
As used in this subchapter, unless the context otherwise requires: (a) “Commission” means the Virgin Islands Economic Development Commission as established in Title 29, chapter 12, section 704, Virgin Islands Code. (b) “Young people” as used in this chapter means persons between the ages of nine (9) and eighteen (18).
§ 714c. Extended benefits for watch and jewelry manufacturing and assembly business
(a) Notwithstanding any other law, watch and jewelry manufacturing and assembly businesses that possess an economic development certificate or an economic development certificate, under the provisions of this subchapter, shall receive extended benefits under sections 713a, 713b, 713c and 713d of this subchapter, for a period of time equal to the greater of (1) twenty […]
§ 715. Certificate modifications, extensions or renewals; reopening of industries
(a) Upon proper application or reapplication, public hearing and in compliance with all other relevant provisions of this subchapter pertaining to the grant of initial benefits, as determined and required by the Commission, any recipient of economic development benefits, granted either pursuant to this subchapter or under previously existing law, may be granted a modification […]
§ 716. Applications to Director; report to Commission
(a) Applications for economic development benefits shall be filed with the Director on forms to be designed, printed and provided by him or at his direction. All applications of partnerships shall include a list of the names and addresses of the partners. All applications from a corporation shall include a statement listing the names and […]
§ 717. Action by Commission; public hearings
(a) Upon receiving the report and recommendations of the Director on a particular application the Commission shall, after due public notice, hold a public hearing on said application, of which a verbatim transcript shall be taken, at which hearing all interested parties, including members of the public, shall have an opportunity to appear and testify. […]
§ 718. Contents of certificate
(a) An economic development certificate shall be issued by the Commission in the name of the Government of the Virgin Islands and shall bear the signature of the Commission Chairman. The certificate shall specify all of the following: (1) In the case of a non-publicly owned corporation, a partnership, including a general partnership, limited partnership, […]
§ 712. Training of employees
(a) Any applicant for economic development benefits proposing to employ persons who are not residents of the Virgin Islands shall, at the time of filing his application for benefits, submit to the Commissioner of Labor a comprehensive plan for the establishment and conduct of an occupational training program for the purpose of adequately training resident […]
§ 713a. Tax exemptions; tax subsidies; benefit options
(a) Each applicant granted an economic development certificate as hereunder provided shall be exempted from the payment of the following taxes: (1) Taxes on real property to the extent that same is utilized in the business or industry for which an economic development certificate has been granted. (2) Gross receipts taxes, except that this exemption […]