Title 29 — Public Planning and Development
25 chapters · 546 sections in this title.
29 V.I.C. § 1001 Legislative findings
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(a) The Legislature hereby finds and declares that:(a) there exists in localities throughout the territory, areas of historical significance that once experienced commercial and trade activity, but due to the general economic downturn are in need of economic and physical revitali…
29 V.I.C. § 1002 Policy and purpose
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(a) It is the policy of the territory to provide the necessary means to assist local communities, their residents, and the private sector in creating the proper economic and social environment to induce the investment of private resources in productive business enterprises locate…
29 V.I.C. § 1003 Definitions
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(1) As used in this chapter, unless a different meaning is clearly indicated by the context:(1) “Area of Operation” or “Enterprise Zone” means the total area within the Territory that has been declared an enterprise zone as designated by law or pursuant to a proclamation or execu…
29 V.I.C. § 1004 Creation of the Enterprise Zone Commission
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(1) There is created a public body to be known as the Enterprise Zone Commission. The Commission shall be within, and shall constitute a subsidiary entity wholly administered and operated by the Economic Development Authority established in title 29, chapter 21, Virgin Islands Co…
29 V.I.C. § 1005 Compensation; traveling expenses
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Appointed members of the Commission shall receive compensation of $75 per day while attending Commission meetings, plus necessary expenses incurred thereby. However, only one payment of $75 per day will be made when an appointed member attends meetings of both the Historic Preser…
29 V.I.C. § 1006 Quorum; meetings; qualifications for appointment as commissioner
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Four (4) of the commissioners shall constitute a quorum of the Commission for the purpose of conducting business and exercising the powers of the Commission and for all other purposes. The Board may act upon a vote of a majority of the commissioners present, unless the bylaws or …
29 V.I.C. § 1007 Powers and duties of the Commission
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(1) The Commission, either directly, or through its staff, shall have the following powers and duties:(1) Develop application procedures for demonstrating compliance with section 1011 of this chapter and for obtaining the benefits set out under section 1012 of this chapter, which…
29 V.I.C. § 1008 Annual report
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(a) At the beginning of each fiscal year, the Commission shall file with the Governor and the Legislature a detailed report of its activities for the preceding fiscal year and make any recommendations with reference to any additional legislation or other action that may be necess…
29 V.I.C. § 1009 Findings of necessity
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(1) The Commission shall, at least annually, make a determination as to whether one or more blighted areas exist in an Enterprise Zone and whether the rehabilitation, conservation, re-development, or a combination thereof of the area or areas is necessary in the interest of the p…
29 V.I.C. § 1010 Resolutions
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The Commission shall not adopt a resolution pursuant to section 1009 this chapter unless it finds that one or more blighted areas as defined in section 1003 of this chapter exist in one or more Enterprise Zones, and the re-development of such area or areas is necessary in the int…
29 V.I.C. § 1011 Specific requirements for granting of benefits
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(1) In order to qualify and remain eligible for benefits provided under this chapter, an applicant must fulfill the following specific qualifications and requirements:(a) Establish or continue to maintain a business with a valid business or project in the case of an owner-occupie…
29 V.I.C. § 1012 Hiring of VI residents; competitive bidding procedures
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(1) Any business granted benefits pursuant to this chapter shall agree in writing to employ, and to require all contractors retained by the business to employ persons who are residents of the Virgin Islands. (2) Any business granted benefits pursuant to this chapter shall similar…
29 V.I.C. § 1013 Industrial development benefits beneficiary exclusion
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(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…
29 V.I.C. § 1014 Tax credits; tax benefits; benefit options
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(1) Each Enterprise Zone Business shall qualify for the following tax credits and tax benefits:(a) A nonrefundable gross receipts tax credit or an income tax credit equal to twenty-five percent (25%) of the actual value expended within a fiscal year for construction of a new buil…
29 V.I.C. § 1016 Savanne-Down Street and Garden Street-Upstreet
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(a) Savanne-Down Street and Garden Street-Upstreet in Charlotte Amalie, St. Thomas and the Towns of Christiansted and Frederiksted in St. Croix are designated as Enterprise Zones, as defined in section 1003(1) of this title. The South Shore in St. Croix is designated the Virgin I…
29 V.I.C. § 1017 Purpose
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The purpose of this subchapter is to establish a process that provides incentives by the Government to induce private investment in Commercial Zone areas by removing unnecessary governmental regulatory barriers to economic growth, and providing tax incentive benefits.
29 V.I.C. § 1017a Definitions
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(1) As used in this subchapter:(1) “Commercial Zone” means that total area within the Territory that has been declared a commercial zone pursuant to title 29 Virgin Islands Code, Chapter 19, Subchapter I, Section 1003(11).(2) “Commercial Zone Business” means any individual, partn…
29 V.I.C. § 1017b Commercial Zone Program established
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(a) There is established in the Virgin Islands a Commercial Zone Program. (b) The Program is organized and administered as a committee of the Virgin Islands Enterprise Zone Commission, established pursuant to title 29, Virgin Islands Code, chapter 19, section 1004.
29 V.I.C. § 1017c Powers and duties of the commission
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(1) In addition to the powers enumerated in title 29 Virgin Islands Code, chapter 19, section 1007, the Commission shall:(1) Develop application procedures for demonstrating compliance with section 1017d of this subchapter and for obtaining the benefits set out under section 1017…
29 V.I.C. § 1017d Specific requirements for granting of benefits
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(1) In order to qualify and remain eligible for benefits provided under this subchapter, an applicant must fulfill the following specific qualifications and requirements:(1) Establish or continue to maintain a business with valid licenses and permits within a Commercial Zone;(2) …
29 V.I.C. § 1017e Hiring of Virgin Islands residents; competitive bidding procedures
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(a) Any business granted benefits under this subchapter shall agree in writing to employ and to require all contractors retained by the business to employ persons who are residents of the Virgin Islands. (b) Any business granted benefits pursuant to this subchapter shall require …
29 V.I.C. § 1017f Economic development benefits exclusion
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(a) Beneficiaries of the Economic Development Program in title 29 Virgin Islands Code, chapter 12 shall not be eligible to be designated as Commercial Zone Businesses nor to receive benefits authorized pursuant to the provisions of this subchapter. (b) An individual or entity tha…
29 V.I.C. § 1017g Tax credits; tax benefits; benefit options
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(a) Each Commercial Zone Business shall qualify for the following tax credits and tax benefits:(1) A non-refundable gross receipts tax credits or an income tax credit equal to ten percent (10%) of the actual value expended within a fiscal year for construction of a new building w…
29 V.I.C. § 1017h Enterprise Zone Fund
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(a) There is established within the Treasury of the Virgin Islands a separate and distinct fund designated and known as the “Enterprise Zone Fund”. The Commissioner of Finance shall maintain and provide for the administration of the Fund, and no monies shall be made available for…
29 V.I.C. § 1018a Definitions
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(1) As used in this subchapter:(1) “Certificate” means the contract between the Government of the Virgin Islands through the Commission and the Beneficiary for benefits under this subchapter.(2) “Programs” means the initiatives and offerings of the Virgin Islands Enterprise Zone.…
29 V.I.C. § 1018b Virgin Islands South Shore Trade Zone; beneficiary eligibility
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(a) A person or company wishing to be designated as a Beneficiary shall apply to the Commission on forms prescribed and made available by the Commission and pay the applicable fee. In order to qualify and remain eligible for benefits provided under this subchapter, an applicant m…
29 V.I.C. § 1018c Tax exemptions; tax subsidies; benefit options for Beneficiary
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(a) Each applicant granted a certification as a Beneficiary is exempt from the payment of the following taxes:(1) Taxes on real property to the extent that is used in the business or industry for which a certification has been granted for a period of 20 years if the Beneficiary r…
29 V.I.C. § 1018d Exemption from customs laws, custom duties, excise taxes and gross receipt taxes for merchandise imported to and exported from the Virgin Islands South Shore Trade Zone
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(a) Handling of merchandise in zone; shipment of foreign merchandise into customs territory; appraisal; reshipment of foreign and domestic merchandise of every description, except such as is prohibited by law, may, without being subject to the customs laws of the Virgin Islands, …
29 V.I.C. § 1018e Economic development benefits exclusion
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(a) Beneficiaries of the Economic Development Program in title 29 Virgin Islands Code, chapter 12 and the University of the Virgin Islands Research and Technology Park in title 17 Virgin Islands Code, chapter 34 are not eligible to be designated as a Beneficiary or to receive ben…
29 V.I.C. § 1018f Virgin Islands South Shore Trade Zone: Electrical Power & Water Generation
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(a) Notwithstanding title 30 Virgin Islands Code, chapter 1, Beneficiaries, including The Virgin Islands Water and Power Authority, have the right to generate, sell, trade, or otherwise distribute electrical power and water to Beneficiaries within the South Shore Trade Zone. (b) …
29 V.I.C. § 1018g Revocation, suspension, or modification of certificate
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(a) A Virgin Islands South Shore Trade Zone certificate granted in accordance with this subchapter may be revoked, suspended or modified by the Commission, after due notice, public hearing and written findings by the Commission that:(1) the Beneficiary has failed to maintain comp…
29 V.I.C. § 1018h False or fraudulent statements or representations; false claims for benefits
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Any applicant or Beneficiary who willfully makes any false or fraudulent statement or representation as to any fact required or appropriate, necessary or related to the determination of the eligibility qualifications of such applicant or Beneficiary for benefits under this subcha…