This chapter, formerly relating to "The Virgin Islands Investment Incentive Program", consisting of sections 701 to 748, was derived from Act July 17, 1972, No. 3263, § 1, as amended by Act Aug. 11, 1972, No. 3293 and Dec. 12, 1973, No. 3504, § 1, and was amended generally by instituting a comprehensive revision of the program into "The Virgin Islands Industrial Development Program" by Act Sept. 23, 1975, No. 3748, § 1, Sess. L. 1975, p. 140, as set out below.

Act Dec. 8, 1986, No. 5224, § 9(a), Sess. L. 1986, p. 364, provided that:
"The provisions of sections 1, 2, 8 and 9 of this act shall apply to all beneficiaries of Title 29, chapter 12, Virgin Islands Code, who receive certificates from the Industrial Development Commission after December 31, 1986."

Act Dec. 8, 1986, No. 5224, § 9(b), Sess. L. 1986, p. 364, provided:
"Any beneficiary entitled to benefits with respect to a certificate issued by the Industrial Development Commission prior to January 1, 1987 shall be entitled to continue receiving benefits in accordance with the terms and conditions of the certificate as issued. However, such a beneficiary may agree to amend said certificate in order to participate in the benefits as provided by this act, except that such a beneficiary shall not be entitled to receive any income tax exemption in exchange for an income tax subsidy prior to January 1, 1991. However, any beneficiary electing to amend said certificate shall be bound by each of the requirements and statutory changes specified in this act other than the income tax exemption for income tax subsidy exchange."

is otherwise qualified to receive the benefits of the certificate; then such corporation shall be entitled to the transfer of benefits, if the Executive then such corporation shall be entitled to the transfer of benefits, if the Executive Director, without a hearing, determines that the applicant will carry on the operation of the industry or business for which the certificate was granted. However, such a transferee of benefits shall not be entitled to recieve an income tax exemption prior to January 1, 1991."

Act Dec. 8, 1986, No. 5224, § 9(d), Sess. L. 1986, p. 365, provided:
"After January 1, 1987, and until December 31, 1990, the Industrial Development Commission shall refuse to grant a certificate to an applicant for benefits if the Commission finds that:

the applicant's business or industry will be the same or substantially the same enterprise under the same or substantially the same ownership as another beneficiary whose benefit period has not expired; and

the applicant is applying for a new certificate for the purpose of receiving income tax exemptions in lieu of income tax subsidies prior to January 1, 1991."

Act June 18, 1996, No. 6105, § 4, Sess. L. 1996, p. 43, provided:
"Notwithstanding any other law, all businesses in the Virgin Islands that receive benefits pursuant to Act No. 4740 (Bill No. 14- 0411) enacted September 20, 1982 [which amended section 304 of Title 27 and sections 42, 43, and 681 of Title 33 and added section 525 of Title 33], as amended, or granted tax benefits pursuant to the Industrial Development Program, established pursuant to Title 29, Chapter 12, Virgin Islands Code, shall provide a detailed accounting of all deductions from the pay of an employee on the check or check stub of employees that are paid regular weekly or bi-weekly wages."

Act September 18, 2002, No. 6570, § 31, Sess. L. 2002, p. 537, provided:
"After the effective date of this Act, to qualify and remain eligible for benefits under the Industrial Development Program established in title 29, chapter 12, Virgin Islands Code, or under any other tax incentive benefits program offered by the Government of the Virgin Islands, a beneficiary employer shall be prohibited from taking disciplinary action, including termination of an existing employee of the beneficiary who fails to achieve a passing score on under job-related examination administered by the beneficiary without the beneficiary's first providing the employee an opportunity for instruction in the subject matter of the examination."

     Enforcement of forum selection clause of construction contract, which designated Maryland as the forum for litigation arising out of the contract, was not against the policy of this chapter. General Eng'g Corp. v. Martin Marietta Alumina, Inc., 783 F.2d 352, 1986 U.S. App. LEXIS 22212 (3d Cir. 1986).

The basic purposes and objectives of this chapter are declared to be the promotion of the growth, development and diversification of and diversification of the economy of the United States Virgin Islands; to benefit the people of the United States Virgin Islands by discovering and developing to the fullest possible extent the human and economic resources available therein; the establishment and preservation of opportunities of gainful employment for residents of the United States Virgin Islands; the promotion of capital formation for the industrial development of the United States Virgin Islands; the contribution of beneficiaries to the development of the educational system of the Territory; and the preservation of the environment, beauty and natural resources of the United States Virgin Islands; all of which purposes and objectives are declared to be in the public interest.

    (a) To this end it is the policy and determination of the Government of the United States Virgin Islands that certain industrial development benefits should be made available for development and expansion of such industrial or business activities as are determined, pursuant to this chapter, to be in the public interest by advancing the growth, development and/or diversification of the economy of the Territory of the United States Virgin Islands.

    (b) It is further the policy and determination of the Government of the United States Virgin Islands that the Commission established herein shall endeavor to encourage and assist in the creation, development and expansion of locally owned businesses and industries originating in the United States Virgin Islands.

    (c) In order to establish the incentives offered hereunder on a firm, realistic and sure basis, the Government of the United States Virgin Islands further declares that it considers each certificate granting industrial development benefits that may be issued under the provisions of this chapter as being in the nature of a contract between such government and the beneficiary, and that the government shall not adopt any legislation impairing or limiting the obligation of such contract; provided, however, that this provision shall not affect the operation of section 722 of this chapter.

    (d) It is further the policy of the Government of the United States Virgin Islands that the Commission established herein shall endeavor to encourage and assist in the development of affordable housing in the United States Virgin Islands and the expansion of the local construction industry in the United States Virgin Islands by providing tax incentives for the production of affordable housing.