(a) The purposes of this subchapter are to enhance the Virgin Islands” economy by revitalizing and expanding the attraction of the film, video, and other media recording, motion picture, and television industries and related media productions to the Virgin Islands and to promote the growth of Virgin Islands small businesses related to and servicing these industries. The objectives of this subchapter are to:
(1) Renew interest in the Virgin Islands as a premier location for the production of motion pictures, documentaries, television programs and digital media, webcast, any new media format programs, commercials, and magazine advertising by off-island production companies;
(2) Encourage the creation of jobs that pay well for Virgin Islands workers and university graduates;
(3) Enhance the growth of the Virgin Islands businesses that provide goods and services for these types of productions;
(4) Assist local filmmakers; and
(5) Help promote the tourism industry in the Virgin Islands.
(b) The Legislature declares that the objectives of subsection (a) are best achieved by offering tax incentives or other offsets to production companies for hiring Virgin Islands residents, for purchasing Virgin Islands goods and services, and for filming and recording in the Territory.