§ 713f. Virgin Islands Building Contractors Incentive Program
(a) There is established in the Virgin Islands Building Contractors Incentive Program to encourage local employment, to encourage investors to build more hotel rooms on the island of St. Croix, and to stimulate the Virgin Islands economy. (b) A building contractor, subcontractor, hotel developer, supplier, or vendor providing construction services, building materials, supplies or related […]
§ 714. Special provisions or limitations
(a) If the beneficiary owns and operates more than one enterprise in the Virgin Islands, benefits granted under this subchapter shall apply only to those specified in the certificate. (b) With respect to a corporation, partnership, including a general partnership, limited partnership, limited liability partnership, or limited liability limited partnership, the Commission shall review the […]
§ 714a. Extended tax benefits for producers of Virgin Islands rum
(a) Notwithstanding any other law, Virgin Islands producers of Virgin Islands rum, who possess an economic development certificate, under the provisions of this subchapter, shall receive extended benefits under sections 713a and 713b of this subchapter, for a period of time equal to the greater of (1) twenty (20) years from the date of enactment […]
§ 714b. Extended tax benefits for Virgin Islands processors and producers of milk and milk products
(a) Notwithstanding any other law, Virgin Islands processors and producers of milk and milk products, who possess 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 twenty-five (25) years from the date of […]
§ 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 […]
§ 713b. Income tax reduction
(a) Each applicant, who is granted an economic development certificate, shall have his income tax liability, for income derived from the business or industry for which the certificate is granted, and income from investments described in section 713d(c)(2), reduced on a current basis, as provided in this section. 1. All exemptions granted under section 713a […]
§ 713c. Customs duty reduction
Notwithstanding any other law, raw materials and component parts (as defined by the Commission) brought into the Virgin Islands by a beneficiary for the purpose of producing, creating or assembling an article, good or commodity as a result of industrial or manufacturing processing such raw materials or component parts shall be imported into the United […]
§ 708c. Tax credits or benefits for clean up and redevelopment activities
The Commission may provide tax credits or benefits under this subchapter for clean up and redevelopment activities by developers real property declared and certified to the Commission as Brownsfields sites under 12 V.I.C., chapter 14. The Commission shall promulgate rules and regulations to carry out the purpose of this section.
§ 709. General guidelines to be applied by Commission
In addition to the specific requirements and qualifications of beneficiaries enumerated in section 708 of this subchapter, the anticipated pollution potential of an applicant’s proposed industry and the applicant’s needs for resources, utilities and social services shall be closely evaluated and considered by the Commission as a factor in determining whether an economic development certificate […]