(a) The Director may recommend to the EDA a grant of benefits only to applicants that meet the requirements established in this section.
(b) The Director and EDA may not require an applicant to meet qualifications or requirements in excess of the conditions listed in this subchapter for the granting of an initial certificate.
(c) In order to qualify and remain eligible for tax incentive benefits under this subchapter, an applicant must:
(1) Be a corporation organized and licensed under the laws of the Virgin Islands with a Virgin Islands source income or income effectively connected with its Virgin Islands trade or business. A corporation that is organized under the laws of the Virgin Islands or one of the states, territories or commonwealths, whose principal office is located in the Virgin Islands, is presumed to be continually domiciled in the Virgin Islands for purposes of this section, unless it is established that such domicile has been superseded by a new domicile.
(2) Conduct audio recording or mixing in the Virgin Islands at a licensed, local music studio or conduct a film project on location in the Virgin Islands.
(A) For audio/music projects, at least 50% of the audio data content of the audio recordings for any commercial release to which the tax benefit certificate will apply must be created or recorded at a licensed Virgin Islands local music studio in order to receive the certificate,
(B) Deleted.
(3) Agree in writing to make all best efforts to employ local Virgin Islands musicians, recording engineers, or other personnel during the audio recording process, and to notify the Virgin Islands Department of Labor of the availability of employment, the number of employees required, the occupational classification of such workers, and the applicable wage rate.
(4) Comply with all territorial and federal laws.