(a) The Director shall with the assistance and through the Virgin Islands Economic Development Authority (“EDA”):
(1) Review all applications for tax incentive benefits;
(2) Recommend to the EDA such regulations as may be necessary to implement the provisions of this subchapter;
(3) Prepare and submit annual reports to the Governor and the Legislature containing data regarding all tax incentive benefits;
(4) Promote the tax incentive program; and
(5) Perform such other acts or functions within its area of responsibility as the Commissioner of Tourism may direct, the Board of the EDA may request, and as the Director considers necessary in furtherance of the purposes of this subchapter.
(b) The Director shall make all reasonable efforts to encourage entities seeking tax benefit certificates to conduct filmmaking or music recording in both the St. Croix District and the St. Thomas-St. John District. The Director shall seek to achieve parity in the number of certificates granted for film or music production in the St. Thomas-St. John District and in the St. Croix District.
(c) The Economic Development Authority shall:
(1) Design and implement an application process for tax incentive benefits;
(2) Review all applications recommended by the Director for tax incentive benefits, issue Certificates, and transmit Certificates to the Governor for final approval;
(3) Determine compliance of the beneficiary with this subchapter and the regulations issued under this subchapter.
(4) Modify, suspend or revoke a certificate of tax incentive benefits after holding a hearing in which the beneficiary has an opportunity to show cause why its certificate of tax incentive benefits should not be modified, suspended or revoked;
(5) Recommend to the Commissioner such regulations as may be necessary to implement the provisions of this subchapter;
(6) Prepare and submit annual reports to the Governor and the Legislature containing data regarding all tax incentive benefits.
(7) In addition to the application fee and the annual compliance fees, assess against an applicant or beneficiary any extraordinary costs and expenses to process the application or monitor the beneficiary's performance of the conditions in the certificate, including costs of the services of outside consultants necessitated by the application or compliance investigation;
(8) Notify the Office of the Lieutenant Governor, V.I. Bureau of Internal Revenue and other government entities as necessary, of any corporation, joint venture, limited liability company, partnership or any other entity that has been approved for tax incentive benefits within sixty days of such approval, as well as prepare and submit an annual listing of all entities that are approved for tax incentive benefits whether they are operational or not;
(9) Conduct, as necessary, investigations with respect to all applications and beneficiaries for/of tax incentive benefits;
(10) Promote the tax incentive program; prepare an annual budget for consideration and approval by the Commissioner;
(11) Perform such other acts or functions within its area of responsibility as the Board of the EDA may direct and as the EDA considers necessary in furtherance of the purposes of this chapter.