(a) The owner or owners of the winning numbers in each drawing of the Virgin Islands Lottery shall be entitled to a reduction of their income tax liability, for that year, equivalent to 100 percent of the income taxes incurred to the Virgin Islands by said owner or owners, attributable to such winnings being included in the gross income of such winners for income tax purposes; provided, however, that the grant of the reduction in income tax liability resulting from winning Virgin Islands Lottery prizes shall be made only to those winners who comply with the provisions of Section 934 of the 1954 Internal Revenue Code, as amended, and who furnish all of the information required thereunder.
(b) The reduction of income taxes payable because of the inclusion of the winnings of Virgin Islands Lottery prizes in the gross income of the winners shall be applicable with respect to the computations, assessment and collection of such taxes, as provided in the 1954 Internal Revenue Code, as amended, and with respect to the payment of estimated income taxes, as provided by Sections 6015, 6153, 6154, and 6201 of the 1954 Internal Revenue Code, as amended.