(a) Providers of affordable housing pursuant to an approved Affordable Housing Development Agreement entered into with the Government of the United States Virgin Islands under the United States Virgin Islands Affordable Housing Program shall be exempt from the payment of excise taxes on building materials, articles, supplies, goods, merchandise and tools to be used exclusively in the production of affordable housing units and gross receipts connected with the production of such affordable housing, as provided in Title 29, section 713e, of this code.
(b) Subcontractors who perform work on affordable housing projects pursuant to the United States Virgin Islands Affordable Housing Program shall be exempt from the payment of gross receipts taxes on receipts connected with the production of such affordable housing, pursuant to Title 29, section 713e of this code, in the same manner as such exemption is applied to the providers of affordable housing.
(c) Vendors of construction supplies and material for use in affordable housing projects pursuant to the Virgin Islands Affordable Housing Program shall be exempt from the payment of excise taxes and gross receipt taxes, in the same manner that such exemption is provided to providers of affordable housing in section 43g(a) of the title and subcontractors in section 43g(b).
(d)
(1) Local suppliers of that portion of supplies and materials provided exclusively to constructors and subcontractors to be used in affordable housing projects as provided under the United States Virgin Islands Affordable Housing Program, Title 29, chapter 16, of this Code.
(2) The Virgin Islands Housing Finance Authority shall establish rules and regulations for providing certification to the Virgin Islands Bureau of Internal Revenue on materials and supplies purchased from local suppliers as provided under paragraph (1) of this subsection. The Virgin Islands Bureau of Internal Revenue shall, upon receipt of the certification, provide a tax credit to local suppliers for the face value of the certificate.