(a) Each Qualified Production Company, both resident and nonresident, is eligible for the Incentives provided in this section upon meeting the requirements of section 753; each Qualified Production Company may select one or more of the following Incentives:
(1) A production company that has submitted an application for Incentives and has been approved is allowed a tax credit based on the taxes imposed by and payable to the Territory for the employment of residents of this Territory in connection with a Territory Certified Production. The aggregate of the credit allowed as an offset under this section against any income tax or other tax obligation, except any employee withholding tax, of the Qualified Production Company for a production occurring in the production company’s tax year is within the range of 10 to 17% of the actual compensation paid in connection with the Territory Certified Production during the tax year as provided in this section.
(2) The percentage of available tax credit in paragraph (1) is determined in accordance with the following:
(A) Where 20 to 25% of the total workforce, including paid interns, of the production company employed in the Territory are Virgin Islands residents, the allowable percentage is 10%;
(B) Where 25.1 to 30% of the total workforce including paid interns, of the production company employed in the Territory arc Virgin Islands residents, the allowable percentage is 15%; and
(C) Where 30.1% or greater of the total workforce, including paid interns, of the production company employed in the territory are Virgin Islands residents, the allowable percentage is 17%.
(3) A production company that has submitted an application for Incentives is allowed a cash rebate for Qualified Production Expenditures made in connection with a Territory Certified Production. First priority for any cash rebate is for Resident Production Companies under the regulations promulgated hereunder. The rebate allowed under this section is equal up to 9 percent of the total Qualified Production Expenditures incurred in connection with the Territory Certified Production during the tax year up to a maximum of $500,000.
(4) The production company is allowed an additional cash rebate equal to 10 percent of the total Qualified Production Expenditures if the Territory Certified Production includes a Qualified Virgin Islands Promotion.
(5) The production company is allowed an additional cash rebate equal to 10 percent of the total Qualified Production Expenditures if the Qualified Production Activities are undertaken on the island of St. Croix.
(6) Notwithstanding 33 V.I.C. § 54, and 29 V.I.C. § 747e, a reduction in the payment of Hotel Tax rates may be applied as follows to both resident and nonresident production companies:
(A) For a minimum Qualified Production Expenditure of $250,000 and hotel stay over 150 room-nights, the Production Company shall pay hotel tax at a rate of 8%;
(B) For a Qualified Production Expenditure of between $250,001 and $500,000 and hotel stay over 250 room nights the Production Company shall pay hotel tax at a rate of 6%;
(C) For a Qualified Production Expenditure of between $500,001 and $750,000 and hotel stay over 350 room nights the Production Company shall pay hotel tax at a rate of 4%;
(D) For a Qualified Production Expenditure of between $750,001 and $1,000,000 and hotel stay over 450 room nights the Production Company shall pay hotel tax at a rate of 3%; and
(E) For a Qualified Production Expenditure of at least $1,000,001 and hotel stay over 1000 rooms” nights, the Production Company shall pay tax at a rate of 1.5%.
(b) Resident Production Companies are eligible for tax incentives and rebates provided for in subsection (a) up to a maximum of 3 projects per annum with a maximum of Incentives and credits equal to $1,050,000, if they meet all requirements of this subchapter.
(c) Nothing in this subchapter prohibits a resident production company from applying for benefits under any other Economic Development Authority tax incentive program.