(a) The Director of the Virgin Islands Bureau of Internal Revenue, upon application for payment made by a beneficiary entitled to subsidy under the provisions of this subchapter and after audit, shall compute and determine currently the amount of such subsidy. Upon certification of the Director of the Economic Development Commission, the proper officers are hereby authorized to make payments of the subsidy in each case to the beneficiary entitled to receive the same from funds in the special account in the Treasury of the Virgin Islands designated as the “Economic Development Fund”, as provided for in subsection (b) of this section.
(b) Import duties or income tax payments made by persons qualifying for economic development certificates under the provisions of this subchapter shall be covered into a special account in the Treasury of the United States Virgin Islands to be designated as the “Economic Development Fund”. The proper officers are authorized, without further legislation, to pay the subsidies authorized under the provisions of this subchapter from moneys in such special account and to transfer, with the consent of the Legislature or if the Legislature is not in session then with the consent of the Committee on Finance, surplus fund in the special account not required for the payment of such subsidies into the General Fund of the Treasury of the Virgin Islands.
(c) In the case of any beneficiary who, in accordance with the applicable laws of the Virgin Islands, shall have applied for and been granted a redetermination of tax liability or taxes payable and a reduction in the amount of such tax liability or taxes payable has been granted pursuant thereto, the amount of subsidy determined for such beneficiary for the taxable years affected shall be accordingly adjusted by the Director of the Virgin Islands Bureau of Internal Revenue and such beneficiary shall be required to refund the excess of subsidy received for the said taxable years, together with interest at the rate of nine (9%) percent per annum from the date the beneficiary received the subsidy, or otherwise realized the subsidy benefit; provided, that said subsidy return, including accrued interest, may be offset or credited against any tax refund due to the beneficiary.