reglab/housing_qa huggingface dataset:
V.I. Code tit. 29, § 717 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 717. Action by Commission; public hearings

 (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, including members of the public, shall have an opportunity to appear and testify. After carefully considering all relevant factors regarding an application for economic development benefits, the Commission shall make its determination regarding whether said benefits should be granted or denied, and shall prepare and submit to the Governor and the applicant a detailed report containing its findings thereon. (b) With respect to a new application for benefits, the Commission shall communicate a finding that the benefits should be denied by transmission of the Commission’s report to the applicant, which constitutes official notice of the denial of benefits. Said report of denial shall describe in detail the reasons for said denial and may specify changes in the investment proposal which would likely lead to a more favorable consideration of a future benefit application. If an application is disapproved, the applicant or beneficiary may petition the Commission, through a written petition to the Commission, in accordance with Rules & Regulations of the EDC, for reconsideration of action within 10 calendar days, excluding Sundays and holidays, from the date the disapproval is received by the applicant. (c) [Deleted.] (d) Upon receipt of the report and recommendation of the chief officer on an application of an applicant, including those seeking benefits as a Category V international financial service entity under title 29 V.I.C. § 780(a), and a public hearing held after due public notice, the Commission shall consider whether the specific requirements for such entities as set forth in title 9, chapter 25 have met, and no other factors. If the requirements have been met, the Commission shall grant the benefits applied for without condition. Upon approval of a grant of benefits, the Commission shall proceed to promptly issue the tax benefit certificate referred to in title 9, V.I.C. chapter 25, subchapter II.
V.I. Code tit. 29, § 718 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 718. Contents of certificate

 (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 corporation, a partnership, including a general partnership, limited partnership, limited liability partnership or limited liability limited partnership; a limited liability company; a trust, or similar entity, the names and addresses of all shareholders, partners, owners or beneficiaries. (2) The line or lines of businesses for which benefits have been granted. (3) The date by which the required financial investment shall have been completed by the beneficiary. (4) The beneficiary may receive credit for capital investments that occur no earlier than twelve months prior to the date the beneficiaries EDC application is deemed complete by the EDC. (5) The specific commencement and termination dates for the benefits granted under the certificate. (6) Such other conditions as the Commission shall deem appropriate, not inconsistent with the provisions of this subchapter or regulations promulgated hereunder. (b) In addition to the foregoing specifications, the certificate shall include a recital that it is conditioned upon the performance and observance of same by the beneficiary within a period of time specified, and upon the final determination of the Secretary of the Treasury of the United States or his delegate, of compliance with the requirement of Internal Revenue Code section 934 or 936. Upon failure of the beneficiary to perform or observe the conditions as required by the Commission within the specified period, or any extension thereof granted for good cause shown to the Commission, the certificate shall be deemed to be of no force and effect, and the beneficiary shall pay or refund as the case may be, to the Government of the Virgin Islands the amount of any benefit actually received under the certificate. Upon a final determination by the Secretary of the Treasury of the United States or his delegate that the beneficiary has not complied with the requirement of Internal Revenue Code section 934 or 936, the beneficiary shall pay or refund, as the case may be, to the Government of the Virgin Islands, the amount of any subsidy benefits, based on income tax liability, actually received, or the amount of the reduction of income tax liability on a current basis for all the years of non-compliance.
V.I. Code tit. 29, § 719 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 719. Transferability Voluntary Termination

 (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 the industry or business for which the certificate is granted, upon determination of the Commission that such person, corporation or partnership, is otherwise qualified to receive such benefits and provided the industrial or business activity with respect to which the certificate was granted is continued by the said person, corporation or partnership. Thereafter the transferor of the certificate shall lose all economic development benefits under this subchapter and shall be subject to the operation of the tax laws of the Virgin Islands. (b) Requests by the beneficiary to terminate benefits prior to the expiration of benefits agreed to within the certificate must be put in writing to the Commission. The Commission may: (1) Release the beneficiary from its stated monetary or contractual obligations to the EDC and the Islands; or (2) Take any other reasonable action within the authority of the Commission as authorized in this chapter. (c) Any of the action in subsection (a) by the Commission does not release the EDC beneficiary from any other obligations, contractual agreements, laws, or regulations related to the beneficiary’s activities with any other federal or local governmental entity or its obligation contractual or otherwise with other entities.
V.I. Code tit. 29, § 720 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 720. Computation and determination of subsidy

 (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 of the Director of the Economic Development Commission, the proper officers are hereby authorized to make payments of the subsidy in each case to the beneficiary entitled to receive the same from funds in the special account in the Treasury of the Virgin Islands designated as the “Economic Development Fund”, as provided for in subsection (b) of this section. (b) Import duties or income tax payments made by persons qualifying for economic development certificates under the provisions of this subchapter shall be covered into a special account in the Treasury of the United States Virgin Islands to be designated as the “Economic Development Fund”. The proper officers are authorized, without further legislation, to pay the subsidies authorized under the provisions of this subchapter from moneys in such special account and to transfer, with the consent of the Legislature or if the Legislature is not in session then with the consent of the Committee on Finance, surplus fund in the special account not required for the payment of such subsidies into the General Fund of the Treasury of the Virgin Islands. (c) In the case of any beneficiary who, in accordance with the applicable laws of the Virgin Islands, shall have applied for and been granted a redetermination of tax liability or taxes payable and a reduction in the amount of such tax liability or taxes payable has been granted pursuant thereto, the amount of subsidy determined for such beneficiary for the taxable years affected shall be accordingly adjusted by the Director of the Virgin Islands Bureau of Internal Revenue and such beneficiary shall be required to refund the excess of subsidy received for the said taxable years, together with interest at the rate of nine (9%) percent per annum from the date the beneficiary received the subsidy, or otherwise realized the subsidy benefit; provided, that said subsidy return, including accrued interest, may be offset or credited against any tax refund due to the beneficiary.
V.I. Code tit. 29, § 721 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 721. Limitation of claims or deductions

 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.
V.I. Code tit. 29, § 722 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 722. Revocation, suspension or modification of certificate

 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) the beneficiary has failed to maintain compliance with the requirements of this subchapter, or any regulation hereunder; or (2) in the case of a corporation, upon finding submitted to the Commission by the Attorney General of the Virgin Islands that the corporation: (A) has been dissolved; or (B) has filed, or there has been filed against the corporation, a petition in bankruptcy which has been approved; or (3) the beneficiary has failed to file an annual report of ownership as required by subsection (a) of section 716 of this subchapter; or (4) the beneficiary, or in the case of a corporate beneficiary, any officer acting in behalf of the corporation, has been convicted of a felony connected with the operation of the beneficiary's business or industry; or (5)  (A) the beneficiary, or in the case of a corporation an officer acting in behalf of the corporation, has given or offered, or caused to be given or offered, a bribe, or any money, property, or value of any kind, or any promise or agreement therefor, to a public officer, or to a person executing any of the functions of a public office, or to a person elected, appointed or designated to thereafter execute the same, with intent to influence him with respect to any act, decision, vote, opinion or other proceedings, in the exercise of the powers or functions which he has or may have pertaining in any way to the economic development program. In addition to the fine and/or imprisonment provided in Title 14, section 406 of the Virgin Islands Code for this offense, any benefit granted or obtained as a result of such act, decision, vote, opinion or other proceeding shall be void as to the briber and/or recoverable from the briber as the circumstances of the particular case may dictate. (B) The Commission may also suspend or modify the certificate of a beneficiary, or in the case of a corporate beneficiary, any officer or member acting on behalf of the corporation or in the case of a partnership any partner acting on behalf of the partnership, that is the subject of federal or local law enforcement charges or investigations connected with the operation of the beneficiary business. Such suspension must be reviewed by the Commission after resolution of any investigation or charges.
V.I. Code tit. 29, § 723 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 723. Penalty for violations

 (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 regulation promulgated hereunder, or provision of its Economic Development Certificate, or shall fail or refuse to perform any duty, requirement or lawful order made by the Commission, such beneficiary, after notice and the opportunity of a hearing, shall be fined in accordance with the schedule of fines under subsection (a) of this section. These fines shall be deposited into the Industrial Promotion Fund. In construing and enforcing the provisions of this section, the act, omission, or failure of any officer, agent, or person acting for or employed by any Beneficiary, acting within the scope of employment, shall, in every case be deemed to be an act, omission, or failure of such Beneficiary. (c) The Commission shall complete an annual compliance review of each beneficiary upon payment of its annual compliance fee. If the Commission fails to complete the annual compliance review, it shall be limited to assessing fines for violations that occurred commencing with the calendar year ending three years prior to the completion of the compliance review and ending with the last day of the compliance review period. (d) The Attorney General of the Virgin Islands, at the request of the Commission, shall forthwith bring appropriate action to compel adherence to, or enjoin violations of any lawful orders of the Commission issued pursuant to this subchapter, and to recover in the name of the Government of the Virgin Islands the penalties provided herein.
V.I. Code tit. 29, § 724 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 724. Appeals

 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. Upon such review all findings, decisions or determinations by the Superior Court shall be deemed final in the absence of conclusive showing to the court of fraud or misrepresentation.
V.I. Code tit. 29, § 725 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 725. False or fraudulent statements or representations; false claims for benefits

 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 the continuation or extension of the same, or who shall willfully make or present any claim for benefits under this subchapter knowing such claim to be false, fictitious or fraudulent, shall be fined not more than $25,000 or imprisoned not more than two years, or both. In addition to the foregoing, any benefits previously granted under this subchapter to such applicant or beneficiary shall be deemed automatically revoked, without necessity for the procedures established under section 722 of this subchapter; all taxes that were otherwise due and payable by such applicant or beneficiary but for the tax exemption benefits granted, shall become due and payable as of the date or dates when, but for such tax exemption, they would have been due and payable, and the same shall be assessed and collected in accordance with the provisions of the applicable tax laws in force for such date or dates; and the amount or amounts of all subsidy benefits, based on income tax liability, actually received, shall be deemed debts due and owing to the Government of the Virgin Islands as of the date or dates when payment of subsidy was made.
V.I. Code tit. 29, § 726 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter I - Economic Development Program|§ 726. Industrial Promotion Fund

 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 all monies deposited therein, pursuant to section 705 of this subchapter shall remain available until expended. Expenditures from the Fund shall be made in accordance with law. The Director shall be the certifying officer for the Fund.
V.I. Code tit. 29, § 741 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter II - The Youth Recreational Incentives Act|§ 741. Declaration of Purpose and Policy

 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 provide positive outlets for young people in an effort to curb juvenile delinquency; all of which purposes are in the best interest of addressing juvenile delinquency, engaging in crime prevention, and promoting the overall betterment of the territory of the Virgin Islands. (a) To this end, it is the policy and determination of the Legislature and the Government of the Virgin Islands to provide tax incentives to encourage individuals, partnerships, joint ventures, corporations, and/or organizations to invest in specific types of sports-oriented and/or recreational facilities for young people in the territory, including but not limited to the following: (1) skating rinks; (2) bowling alleys; (3) sports training gymnasiums; (4) youth recreational sports centers offering a combination of activities; (5) amusement parks which consist primarily of rides; or (6) such other facilities as the Commission deems eligible for benefits under this chapter. (b) It is further the policy and determination of the Government of the Virgin Islands that applications for designated tax incentives shall be monitored by the Economic Development Commission, with the approval of the Governor, but shall remain separate and apart from other programs over which the Commission has jurisdiction because the mission, nature, purpose and policies of this program differs from that of other programs over which the Commission has jurisdiction. (c) The Legislature and the Government of the Virgin Islands further declares that the issuance and approval of all incentives to provide positive sports and/or recreational activities and facilities shall be in the nature of a written contract between the Government of the Virgin Islands and the beneficiary; the provisions of which shall be binding upon both parties. (d) It is further declared that, subject to the approval of the Governor, any recreational incentive contract granted in accordance with the provisions of this subchapter may be revoked, suspended or modified in accordance with the provisions of Title 29, chapter 12, section 722, Virgin Islands Code.
V.I. Code tit. 29, § 742 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter II - The Youth Recreational Incentives Act|§ 742. Definition

 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 between the ages of nine (9) and eighteen (18).
V.I. Code tit. 29, § 743 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter II - The Youth Recreational Incentives Act|§ 743. Powers of Commission

 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.
V.I. Code tit. 29, § 744 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter II - The Youth Recreational Incentives Act|§ 744. Requirements for granting benefits

 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 adequate equipment, machinery, safety mechanisms, and other necessities for the initiation and maintenance of a complete program of recreation for which the proposed facility was established; and (b) Obtain and display for inspection a Certificate of Insurance evidencing insurance coverage of the sports or recreational facility and activities.
V.I. Code tit. 29, § 745 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter II - The Youth Recreational Incentives Act|§ 745. Tax exemptions to beneficiaries

 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 of providing recreational services for young people as specified in the approved application for a period of five (5) years. (b) An exemption from all excise taxes on building materials, articles, goods, merchandise, tools, equipment and supplies that constitute necessary purchases for the initial start-up of the business. (c) An exemption from real property taxes for the property on which the facility exists, provided, that the beneficiary is the owner of the real property and the facility is used for the purposes outlined in the approved application for a period of five (5) years.
V.I. Code tit. 29, § 746 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 12 - Economic Development and Incentives|Subchapter II - The Youth Recreational Incentives Act|§ 746. Obligations of the beneficiary

 (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 individual employees pursuant to the provisions of Title 29, chapter 12, section 710, Virgin Islands Code. (c) A beneficiary shall hire and train at least one local resident for a management position for every three managers on staff, with no limitation on the number of residents who may become managers.