Declaration of policy—Purpose—Contractual nature

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  • The basic purposes and objectives of this subchapter are declared to be the promotion of the growth, development and diversification of and diversification of the economy of the Virgin Islands; to benefit the people of the 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 Virgin Islands; the promotion of capital formation for the industrial development of the 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 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 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 subchapter, to be in the public interest by advancing the growth, development and/or diversification of the economy of the Territory of the Virgin Islands.

    • (b) It is further the policy and determination of the Government of the 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 Virgin Islands.

    • (c) In order to establish the incentives offered hereunder on a firm, realistic and sure basis, the Government of the Virgin Islands further declares that it considers each certificate granting industrial development benefits that may be issued under the provisions of this subchapter 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 subchapter.

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


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