(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 of this title shall be made available to the applicant hereunder.(2) The option to choose the term and the percentage of its tax exemptions, granted under section 713a(b) of this title, shall be made available to the applicant hereunder.(3) Beneficiaries receiving subsidies of income taxes under this chapter prior to the effective date of this act who elect to have their income tax liability, or payments, date of this act who elect to have reduced on a current basis (after December 31, 1990), as provided in this section, must obtain a revised economic development certificate evidencing this election, along with the terms thereof, prior to its implementation; provided, that no increase in the term or in the percentage of benefit shall be granted under this section than appertained at the date of the election to have its income tax liability or payments reduced on a current basis. Notwithstanding section 715(a) of this subchapter, the Commission shall issue a revised certificate without public hearings, provided, that no beneficiary issued a certificate before January 1, 1987, and no successor beneficiary to whom benefits are transferred (from a predecessor beneficiary who received a certificate prior to January 1, 1987) may receive income tax exemptions prior to January 1, 1991.(4) An applicant may obtain the benefits commencing the first day of the applicant’s taxable year for income tax purposes, or commencing one day after the due date for the payment of an installment of estimated income taxes by the applicant. If no payment of an installment of estimated income taxes by the applicant is due, then the date of commencement of the benefits under this section shall be the due date of such a payment, if one had been due from the applicant.
(1) All exemptions granted under section 713a of this title shall be made available to the applicant hereunder.
(2) The option to choose the term and the percentage of its tax exemptions, granted under section 713a(b) of this title, shall be made available to the applicant hereunder.
(3) Beneficiaries receiving subsidies of income taxes under this chapter prior to the effective date of this act who elect to have their income tax liability, or payments, date of this act who elect to have reduced on a current basis (after December 31, 1990), as provided in this section, must obtain a revised economic development certificate evidencing this election, along with the terms thereof, prior to its implementation; provided, that no increase in the term or in the percentage of benefit shall be granted under this section than appertained at the date of the election to have its income tax liability or payments reduced on a current basis. Notwithstanding section 715(a) of this subchapter, the Commission shall issue a revised certificate without public hearings, provided, that no beneficiary issued a certificate before January 1, 1987, and no successor beneficiary to whom benefits are transferred (from a predecessor beneficiary who received a certificate prior to January 1, 1987) may receive income tax exemptions prior to January 1, 1991.
(4) An applicant may obtain the benefits commencing the first day of the applicant’s taxable year for income tax purposes, or commencing one day after the due date for the payment of an installment of estimated income taxes by the applicant. If no payment of an installment of estimated income taxes by the applicant is due, then the date of commencement of the benefits under this section shall be the due date of such a payment, if one had been due from the applicant.
(b) An applicant shall be entitled to:(1) reduce the amount of each payment of estimated income taxes by ninety percent (90%); and(2) reduce his income tax liability shown on his income tax return for the taxable year by ninety percent (90%); for each of the remaining years specified in the revised economic development certificate granted him under the provisions of this section. In the case of estimated income taxes such reduction shall be prorated over the quarterly payments due, or constructively due by the applicant, and in the case of the determination of his income tax liability, by the entire amount of the subsidy thus constructively calculated.
(1) reduce the amount of each payment of estimated income taxes by ninety percent (90%); and
(2) reduce his income tax liability shown on his income tax return for the taxable year by ninety percent (90%); for each of the remaining years specified in the revised economic development certificate granted him under the provisions of this section. In the case of estimated income taxes such reduction shall be prorated over the quarterly payments due, or constructively due by the applicant, and in the case of the determination of his income tax liability, by the entire amount of the subsidy thus constructively calculated.
(c) The reduction of income tax liability on a current basis of, or the reduction of income taxes otherwise payable by, applicants entitled to such reduction shall be applicable with respect to all of the computations, assessments, and collection of such income taxes, as provided by the 1954 Internal Revenue Code, as amended, and with respect to the payment of the estimated income taxes, as provided by sections 6105, 6153, 6154 and 6201 of the 1954 Internal Revenue Code, as amended.
(d) An individual whose permanent residence is in the Virgin Islands; a corporation which is organized under the laws of the Virgin Islands; or a corporation organized under the laws of the United States, or one of the states, territories or commonwealth thereof, whose principal office is located in the Virgin Islands, is presumed to continue to be permanently domiciled in the Virgin Islands for purposes of this section, unless it is established that such residency or domicile has been superceded by a new residence or domicile.
(e) (1) This subsection applies to:(A) shareholders, members, partners, grantors, beneficiaries, or other direct or indirect owners who are bona fide residents of the Virgin Islands pursuant to section 932(c) of the Internal Revenue Code of 1986, as amended and who have been approved for tax reductions by the Economic Development Commission; and(B) entities, including without limitation, corporations, trusts, partnerships and limited liability companies, established in, qualified, or registered to do business in the Virgin Islands which have been approved for tax reductions by the Economic Development Commission.(2) The shareholders, members, partners, grantors, beneficiaries, or other owners referenced in paragraph (1) of this subsection are entitled to a ninety percent (90%) reduction on income taxes payable with respect to income derived from the dividends paid to them or the distributive share allocated to them by the beneficiary, as applicable, and which dividends or distributive shares are attributable to income derived from the business or industry for which the certificate is granted and income from investments described in section 713d(c)(2).
(1) This subsection applies to:(A) shareholders, members, partners, grantors, beneficiaries, or other direct or indirect owners who are bona fide residents of the Virgin Islands pursuant to section 932(c) of the Internal Revenue Code of 1986, as amended and who have been approved for tax reductions by the Economic Development Commission; and(B) entities, including without limitation, corporations, trusts, partnerships and limited liability companies, established in, qualified, or registered to do business in the Virgin Islands which have been approved for tax reductions by the Economic Development Commission.
(A) shareholders, members, partners, grantors, beneficiaries, or other direct or indirect owners who are bona fide residents of the Virgin Islands pursuant to section 932(c) of the Internal Revenue Code of 1986, as amended and who have been approved for tax reductions by the Economic Development Commission; and
(B) entities, including without limitation, corporations, trusts, partnerships and limited liability companies, established in, qualified, or registered to do business in the Virgin Islands which have been approved for tax reductions by the Economic Development Commission.
(2) The shareholders, members, partners, grantors, beneficiaries, or other owners referenced in paragraph (1) of this subsection are entitled to a ninety percent (90%) reduction on income taxes payable with respect to income derived from the dividends paid to them or the distributive share allocated to them by the beneficiary, as applicable, and which dividends or distributive shares are attributable to income derived from the business or industry for which the certificate is granted and income from investments described in section 713d(c)(2).