(a) In addition to the exemptions provided in section 193 of this chapter, any applicant certified by the Commissioner of Agriculture as engaged in agriculture shall be entitled to a subsidy equal in amount to ninety percent of that portion of his annual income tax which was derived from agriculture and paid into the Treasury of the United States Virgin Islands.
(b) The Commissioner of Finance is authorized and directed to pay from the Treasury of the United States Virgin Islands the amount of the subsidy provided in subsection (a) of this section to each applicant certified by the Commissioner of Agriculture as engaged in agriculture.
(c) For the purpose of carrying out the provisions of this section, the Commissioner of Finance, subject to the approval of the Governor, shall issue such rules and regulations as he finds necessary within sixty days after the enactment of this chapter.
(d) Any person, partnership, or corporation who is entitled to a subsidy benefit pursuant to subsection (a) of this section and who qualifies under section 934 of the Internal Revenue Code and all amendments thereto, and who is not otherwise disqualified under any applicable law, may elect to have his income tax liability reduced on a current basis in an amount equal to the subsidy benefit of subsection (a) and in lieu of such subsidy payment.