(a) The Virgin Islands Economic Development Authority in partnership with the Department of Tourism is responsible for managing applications for Incentives under this Program.
(b) The Economic Development Authority shall be responsible for managing applications for incentives provided in this subchapter.
(c) Funding for the establishment of the Incentives must be budgeted from the operational funds of the Economic Development Authority; and the payment of rebates provided for in this subchapter must be funded from the Tourism Advertising Revolving Fund, 33 V.I.C. § 3072, at a maximum of 20 percent of the previous year’s funding appropriated annually or a minimum of $2,500,000 per year; until fully expended in the same fiscal year. The maximum amount of the rebates permitted in any fiscal year shall be the maximum amount funded from the Tourism Advertising Revolving Fund.
(d) Deleted.
(e) The Office of Film and Music Promotion of the Department of Tourism in concurrence with the Economic Development Authority is responsible for the creation of the application and shall assist in the review of each application. The Economic Development Authority shall serve as the initial point of contact for interested parties.
(f) Once a complete application has been received by the Economic Development Authority, the application for Incentives under this subchapter must be forwarded to the Department of Tourism not later than 10 business days after the receipt of the completed application for its review, analysis, and recommendation to the Economic Development Authority. The Department of Tourism has 7 business days from receipt of the application in which to submit its analysis and recommendation to the Economic Development Authority.
(g) Upon receipt by the Department of Tourism analysis and recommendation, the Economic Development Authority has 25 business days in which to approve or reject the application in writing to the applicant.
(h) Upon the approval of the Economic Development Authority of the application the Economic Development Authority shall proceed to issue the appropriate certificate setting forth the particular terms of the Incentives granted.
(i) The Economic Development Authority may establish an educational scholarship fund that must be administered with the Virgin Islands Board of Education to provide scholarships for film related educational programs for Residents.