Title 29 — Public Planning and Development
25 chapters · 546 sections in this title.
29 V.I.C. § 747c Duties of the Director
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(a) The Director shall with the assistance and through the Virgin Islands Economic Development Authority (“EDA”):(1) Review all applications for tax incentive benefits;(2) Recommend to the EDA such regulations as may be necessary to implement the provisions of this subchapter;(3)…
29 V.I.C. § 747d Qualifications for benefits
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(a) The Director may recommend to the EDA a grant of benefits only to applicants that meet the requirements established in this section. (b) The Director and EDA may not require an applicant to meet qualifications or requirements in excess of the conditions listed in this subchap…
29 V.I.C. § 747e Tax benefits
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(a) The tax liabilities for income meeting the requirements of section 747d(c)(2)(A) may be reduced or rebated pursuant to the Internal Revenue Code of 1986, as amended and as applicable to the Virgin Islands 26 U.S.C. section 934(b)(l) (b) The beneficiaries of the tax benefits u…
29 V.I.C. § 747f Application process
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(a) Applications for benefits or extensions of benefits under this subchapter must be filed with the Director on forms designed, printed and provided by the Office. The application must contain such directives and information as prescribed by regulations. All applications of part…
29 V.I.C. § 747g Certificate; effect of; contents
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(a) The Certificate issued under this subchapter constitutes an enforceable contract between the Government of the Virgin Islands and the beneficiary, and pursuant to 48 U.S.C. §1561, the Government may not enact any law impairing the obligation of such contract. The Certificate …
29 V.I.C. § 747h Transferability of Certificates
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A Certificate granted under this subchapter may be transferred, for the unexpired portion of the term of the Certificate, to another corporation that succeeds the beneficiary in carrying on or in operating the industry or business for which the Certificate is granted, upon determ…
29 V.I.C. § 747i Revocation, suspension or modification of Certificate
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(a) The Director may revoke, suspend or modify a Certificate issued under this subchapter, after notice, public hearing, and written findings by the Director that:(1) the beneficiary has failed to maintain compliance with the requirements of this subchapter or any regulation unde…
29 V.I.C. § 747j Judicial review
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An applicant or beneficiary aggrieved by any action of the Director or the Governor under this subchapter may petition the Superior Court of the Virgin Islands for judicial review under 5 V.I.C., chapter 97 no later than 30 days after a final decision by the Director or the Gover…
29 V.I.C. § 747k Regulations
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The Commissioner may, pursuant to chapter 35 of title 3, promulgate regulations to carry out the purpose of this subchapter.
29 V.I.C. § 747l False or fraudulent statements or representations; false claims for benefits
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(a) An applicant or beneficiary who willfully makes 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…
29 V.I.C. § 750 Purpose
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(a) The purposes of this subchapter are to enhance the Virgin Islands’ economy by revitalizing and expanding the attraction of the film, video, and other media recording, motion picture, and television industries and related media productions to the Virgin Islands and to promote …
29 V.I.C. § 751 Definitions
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(a) As used in this subchapter, the term:(a) “Affiliate” means an entity that is included in the production company’s affiliated group, as defined 26 U.S.C. § 1504(a), and any other entity that is directly or indirectly owned 50 percent or more by a member of the affiliated group…
29 V.I.C. § 752 Administration of Incentives
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(a) The Virgin Islands Economic Development Authority in partnership with the Department of Tourism is responsible for managing applications for Incentives under this Program. (b) The Economic Development Authority shall be responsible for managing applications for incentives pro…
29 V.I.C. § 753 Qualification for tax incentive benefits
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(a) In order to qualify and remain eligible for tax incentive benefits under this subchapter, an applicant must:(1) Be a Resident Production Company or a non-Virgin Islands entity that has obtained a license to do business in the Territory under 27 V.I.C. § 302.(2) Expend a minim…
29 V.I.C. § 753a Eligible Incentives Granted
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(a) Each Qualified Production Company, both resident and nonresident, is eligible for the Incentives provided in this section upon meeting the requirements of section 753; each Qualified Production Company may select one or more of the following Incentives:(1) A production compan…
29 V.I.C. § 753b Procedure for application for tax incentives
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(a) The tax liabilities for income meeting the requirements of section 753a may be reduced or rebated pursuant to the Internal Revenue Code of 1986, as amended, and as applicable to the Virgin Islands by offsets to Qualified Production Expenditures and taxes payable to the Territ…
29 V.I.C. § 753c Sale or transfer of tax credits
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(a) Any tax credits with respect to a Territory Certified Production earned by a Production Company and previously claimed but not used by such Production Company against its income tax or other tax liability may be transferred or sold in whole or in part by such Production Compa…
29 V.I.C. § 753d Annual cost benefit analysis
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The Bureau of Economic Research shall cause an annual cost benefit analysis of the Incentives awarded under this subchapter for the purpose of determining the overall economic impact on the Treasury of the Virgin Islands.