(1) Beneficiaries of the Economic Development Program in Title 29, Chapter 12, Virgin Islands Code, shall not be eligible to be designated as Enterprise Zone Businesses nor to receive benefits authorized pursuant to the provisions of this chapter.
(2) An individual or entity that was formerly a beneficiary of the Economic Development Program can, however, apply for benefits as an Enterprise Zone Business, and a current beneficiary of the Economic Development Program can apply for benefits as an Enterprise Zone Business and terminate its benefits under the Economic Development Program as of the effective date of its benefits as an Enterprise Zone Business.
(3) An Enterprise Zone Business can similarly apply for benefits under the Economic Development Program and, upon the receipt of such benefits, elect to terminate its benefits under the Enterprise Zone Program as of the effective date of its benefits under the Economic Development Program.