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Virgin Islands Statutes, Title 29

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Virgin Islands/Statutes

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Title 29, Public Planning and Development

25 chapters · 529 sections in this title.

All chapters in Title 29529 Ch 1, Community Development and Renewal; S…64 Ch 12, Economic Development and Incentives64 Ch 3, Virgin Islands Zoning and Subdivisio…42 Ch 19, Enterprise Zone Program Act32 Ch 17, Antiquities and Cultural Properties …30 Ch 8, Virgin Islands Waste Management Auth…28 Ch 10, Virgin Islands Port Authority25 Ch 13, Economic Park Development21 Ch 23, Hotel Development Program20 Ch 7, Public Works Acceleration Authority19 Ch 21, Economic Development Authority18 Ch 24, The Matching Fund Special Purpose Se…18 Ch 2, Emergency Housing and Stimulation of…17 Ch 5, Building Code17

64 sections·Filtered byTitle 29✕Ch 12✕

29 V.I.C. § 701 Declaration of policy—Purpose—Contractual nature
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(a) The basic purposes and objectives of this subchapter are declared to be the promotion of the growth, development and diversification of and diversification of the economy of the Virgin Islands; to benefit the people of the Virgin Islands by discovering and developing to the f…
29 V.I.C. § 702 Short title
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This subchapter shall be known and may be cited as “The Virgin Islands Economic Development Program”.
29 V.I.C. § 703 Definitions
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(a) As used in this subchapter, unless the context otherwise requires:(a) “Commission” means the Virgin Islands Economic Development Commission created under this subchapter.(b) “Director” means the Executive Director of Economic Development appointed pursuant to the provisions o…
29 V.I.C. § 703a Additional definitions
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(a) In order to effectuate the policy and purpose of the Low and Moderate Income Affordable Housing Act of 1990, the following terms shall have the meaning ascribed to them herein:(a) “Act” means the Low and Moderate Income Affordable Housing Act of 1990.(b) “Affordable housing” …

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29 V.I.C. § 704 Virgin Islands Economic Development Commission

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(a) There is created a Virgin Islands Economic Development Commission. Such Commission shall be within, and shall constitute a subsidiary entity wholly administered and operated by the Economic Development Authority established in chapter 21 of title 29, Virgin Islands Code. (b) …

29 V.I.C. § 705 Powers and duties of Commission

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(a) The Commission shall:(a) Based upon the investigation and recommendation of the Director, review all applications for economic development benefits, hold public hearings thereon as provided in section 717 of this chapter, and (1) grant certificates for same, or (2) deny such …

29 V.I.C. § 707 Powers and duties of Director

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(a) The Chief Executive Officer or at his direction, the Assistant Chief Executive Officer shall have the following powers and duties:(a) Conduct preliminary investigations with regard to all applications for economic development benefits.(b) Submit his recommendations with regar…

29 V.I.C. § 708 Specific requirements for granting of benefits

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(a) In order to qualify and remain eligible for benefits provided under this subchapter, an applicant specified in sections 713a through 715 of this subchapter must fulfill the following specific qualifications and requirements. The Commission may not require an applicant to meet…

29 V.I.C. § 708a Fees; application, compliance

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(a) The following fees shall be assessed against each applicant or beneficiary other than a Participant in the Small Business Program, for applications submitted beginning February 1, 2001. Application FeeActivation FeeAnnual Compliance FeeCategory I $1,500$1,000$1,500Category II…

29 V.I.C. § 708b Small Business Program

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(a) The Commission may with respect to a small business:(1) reduce the minimum investment requirement of section 708(a) of this subchapter to not less than $20,000; and(2) reduce the minimum employment requirement of section 708(f) of this subchapter to not less than two (2) empl…

29 V.I.C. § 708c Tax credits or benefits for clean up and redevelopment activities

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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 reg…

29 V.I.C. § 709 General guidelines to be applied by Commission

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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 close…

29 V.I.C. § 709a Discrimination; hearing; certificate revocation

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If after notice and hearing the Commissioner of Labor finds that the beneficiary or any contractor or any other agent of the beneficiary has wilfully practiced discrimination in employment based on sex, race or religion or to deny employment in serving or dispensing food or bever…

29 V.I.C. § 710 Employment of residents—Temporary permits

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(a) Eighty percent of all persons employed by beneficiaries under this chapter shall be residents of the Virgin Islands; provided that, after the third year of operation, a beneficiary shall be required to have at least 20% of its management, supervisory and/or technical position…

29 V.I.C. § 711 Powers and duties of Commissioner of Labor

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(a) The Commissioner of Labor shall appoint a qualified and responsible employee of the Department of Labor to administer, supervise and enforce, or cause to be enforced the provisions of sections 710 and 712 of this subchapter, and in this connection may promulgate necessary rul…

29 V.I.C. § 712 Training of employees

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(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 …

29 V.I.C. § 713a Tax exemptions; tax subsidies; benefit options

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(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 …

29 V.I.C. § 713b Income tax reduction

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(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 ba…

29 V.I.C. § 713c Customs duty reduction

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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 processin…

29 V.I.C. § 713d Exemption and partial exemption of tax on interest and dividends; withholding

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(a) Every person who receives a payment of dividends or interest subject to the tax imposed by section 871(a)(1) or 881 of the Internal Revenue Code (as it applies in the Virgin Islands) from an applicant granted an industrial development certificate as hereunder provided, and ev…

29 V.I.C. § 713e Tax exemptions for the production of affordable housing

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(a) Notwithstanding any other provision of law to the contrary, in order to carry out the purposes of the Virgin Islands Affordable Housing Program, every person, firm, partnership, joint venture or corporation providing affordable housing through the development of affordable ho…

29 V.I.C. § 713f Virgin Islands Building Contractors Incentive Program

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(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,…

29 V.I.C. § 714 Special provisions or limitations

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(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 partner…

29 V.I.C. § 714a Extended tax benefits for producers of Virgin Islands rum

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(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…

29 V.I.C. § 714b Extended tax benefits for Virgin Islands processors and producers of milk and milk products

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(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 subchap…

29 V.I.C. § 714c Extended benefits for watch and jewelry manufacturing and assembly business

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(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, …

29 V.I.C. § 715 Certificate modifications, extensions or renewals; reopening of industries

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(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 …

29 V.I.C. § 716 Applications to Director; report to Commission

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(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 …

29 V.I.C. § 717 Action by Commission; public hearings

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(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, includin…

29 V.I.C. § 718 Contents of certificate

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(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 corpor…

29 V.I.C. § 719 Transferability Voluntary Termination

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(a) An economic development certificate granted under the provisions of this subchapter may be transferred, for the unexpired portion of the term of the certificate, to another person, corporation, partnership, who or which succeeds the beneficiary in carrying on or in operating …

29 V.I.C. § 720 Computation and determination of subsidy

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(a) The Director of the Virgin Islands Bureau of Internal Revenue, upon application for payment made by a beneficiary entitled to subsidy under the provisions of this subchapter and after audit, shall compute and determine currently the amount of such subsidy. Upon certification …

29 V.I.C. § 721 Limitation of claims or deductions

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No claim or deduction by a beneficiary from income tax liability to the Virgin Islands for any taxable year based upon subsidy benefits provided for under this subchapter shall be allowed or made after the expiration of two years from the time the tax was paid.

29 V.I.C. § 722 Revocation, suspension or modification of certificate

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(1) Subject to the approval of the Governor, an economic development certificate granted in accordance with the provisions of this subchapter may be revoked, suspended or modified by the Commission, after due notice, public hearing and written findings by the Commission that:(1) …

29 V.I.C. § 723 Penalty for violations

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(a) The Commission shall promulgate a schedule of fines for violation of any provision of this subchapter and the Beneficiary's Certificate within 90 days of the effective date of this section. (b) If any Beneficiary shall violate any provision of this subchapter, any rule or reg…

29 V.I.C. § 724 Appeals

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Any applicant or beneficiary aggrieved by any action of the Commission under the provisions of this subchapter shall be entitled to judicial review thereof by appealing to the Superior Court of the Virgin Islands within 30 days after final decision by the Commission or Governor. …

29 V.I.C. § 725 False or fraudulent statements or representations; false claims for benefits

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Any applicant or beneficiary who shall willfully make 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 t…

29 V.I.C. § 726 Industrial Promotion Fund

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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 …

29 V.I.C. § 741 Declaration of Purpose and Policy

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(a) 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 provi…

29 V.I.C. § 742 Definition

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(a) 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 betwee…

29 V.I.C. § 743 Powers of Commission

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The Virgin Islands Economic Development Commission shall have within its powers the authority to negotiate and sign all contracts pursuant to establishing the provisions of this subchapter.

29 V.I.C. § 744 Requirements for granting benefits

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(a) To qualify and remain eligible for benefits, an individual, partnership, joint venture, corporation, or organization which applies for benefits provided under this subchapter must:(a) Establish a facility deemed suitable and safe by the appropriate governing agencies, with ad…

29 V.I.C. § 745 Tax exemptions to beneficiaries

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(a) An individual, partnership, joint venture, corporation, or organization who qualifies under the provisions of this subchapter shall be entitled to:(a) An exemption from the payment of all gross receipts taxes while the business remains in operation and maintains its mission o…

29 V.I.C. § 746 Obligations of the beneficiary

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(a) A beneficiary shall be required to promote the sport and/or recreation activity to young people within the territory by sponsoring and/or co-sponsoring youth leagues, which may include inter-island competitions between high schools. (b) A beneficiary shall hire and train indi…

29 V.I.C. § 747 Definitions

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(1) As used in this subchapter, the following terms have the meaning prescribed in this section:(1) “Audio data content” means any recordable form of audio or MIDI information in any digital or analog format resulting from either the recording process, capturing the audio data or…

29 V.I.C. § 747b Duties of office

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(a) The Office shall:(1) Undertake a vigorous program designed to advertise and promote the Virgin Islands as an ideal location for major and minor film productions and music/audio recording projects, including the production and distribution of pamphlets and brochures; the placi…

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…