(a) Each applicant granted an economic development certificate as hereunder provided shall be exempted from the payment of the following taxes:
(1) Taxes on real property to the extent that same is utilized in the business or industry for which an economic development certificate has been granted.
(2) Gross receipts taxes, except that this exemption shall not apply to the gross receipts of businesses operated by a concession or rental agreement on the premises of beneficiaries, including hotels, for which businesses separate licenses are required or which, as determined by the Commission, are not ordinarily related to, or do not constitute an essential part of, the operation of the beneficiary, and which businesses are not otherwise eligible for economic development benefits as a distinct enterprise.
(3) All excise taxes on building materials, tools, pipes, pumps, conveyor belts or other appliances, materials and supplies necessary for use in the construction, alteration, reconstruction or extension of the physical plant or facilities of the applicant.
(b) The Commission shall grant each approved applicant eligible for benefits provided under this section as follows:
(1) St. Thomas/St. John District approved applicants are entitled to 100% benefits for a period of 20 years if they remain in compliance with all the requirements of this chapter.
(2) St. Croix District approved applicants are entitled 100% benefits for a period of 30 years if they remain in compliance with all the requirements of this chapter.
(3) Approved applicants, or Board approved affiliates that make an initial or additional investment in the beneficiary business, in infrastructure, new construction, or refurbishment greater than Ten Million Dollars are entitled to 100% benefits for an additional period of 10 years if they remain in compliance with all the requirements of this chapter.
(4) Approved applicants, or Board approved affiliates, that make an initial, or additional investment in the beneficiary business, in infrastructure, new construction, or refurbishment greater than One Million Dollars but less than Ten Million Dollars, upon a finding by the Board of good cause, may be granted 100% benefits for an additional period of 5 years if they remain in compliance with all the requirements of this chapter.
(5) Existing beneficiaries that remain in compliance with all the requirements of this chapter and their certificate are eligible for one 10-year extension at 100% of benefits. This extension must be approved by the Commission, but does not require a public hearing.
(6) The Commission may consider and approve a lesser percentage of benefits and/or term of benefits, upon the request of the applicant.
(c) Tax exemptions and benefits shall be granted under this section only if the applicant granted an economic development certificate can provide certification from the Internal Revenue Bureau and Department of Finance that the applicant has filed and paid all taxes, penalties and interest and from the Office of the Lieutenant Governor that the applicant has filed its required annual report or has satisfactorily made agreement to pay the taxes or file the required reports.
(d) Existing beneficiaries may apply for a modification to take advantage of longer benefit period. Any modification of benefit period, when added to current period used, could not exceed the maximum period as if granted at time of initial approval. Any modifications shall be at the beneficiary’s existing benefit level. Any increased benefits must be prospective only, with no retroactive benefits increase.