(a) The tax liabilities for income meeting the requirements of section 753a may be reduced or rebated pursuant to the Internal Revenue Code of 1986, as amended, and as applicable to the Virgin Islands by offsets to Qualified Production Expenditures and taxes payable to the Territory.
(b) The tax credit granted under section 753a is subject to the following conditions and limitations:
(1) The tax credit may be taken beginning with the taxable year in which the Production Company has met the investment requirement. For each year in which the Production Company either claims or transfers the tax credit the Production Company shall attach a schedule to the Production Company’s Virgin Islands income tax return which must set forth the following information, as a minimum:
(A) A description of the Qualified Production Activities, along with the certification from the Economic Development Authority;
(B) A detailed listing of the employee’s names Social Security numbers and Virgin Islands wages when salaries are included in the Base Investment;
(C) The amount of tax credit claimed for the current taxable year;
(D) The amount of tax credit utilized by the Production Company in the current taxable year; and
(E) The amount of tax credit to be carried over to subsequent tax years.
(2) The Production Company that claims the tax credit granted in this section shall include in the description of the Qualified Production Activities required by subparagraph (A) of paragraph (1) information that demonstrates that the activities included in the base investment or excess base investment equal or exceed $500,000 during such year.
(c) The Economic Development Authority shall promulgate such regulations as are necessary to administer this subchapter.
(d) Each qualifying Production Company undertaking a Territory Certified Production and granted a certificate is subject to an audit by the Economic Development Authority on completion of the Qualified Production Activity to ensure that the Qualified Production Company has met the terms of its application and certificate.