BILL NO. 30- THIRTIETH LEGISLATURE OF THE UNITED STATES VIRGIN ISLANDS An Act amending Title 29, Chapters 12 and 21 to Rename the Industrial Development Program as the Economic Development Program; and update the Economic Development Program Law. PROPOSED BY: GOVERNOR Be It Enacted by the Legislature of the Virgin Islands 2 SECTION 1. Title 29, Chapter 12, is amended by deleting the words "Industrial 3 Development" and replacing it with "Economic Development" wherever they appear. 4 SECTION 2. Title 29 Virgin Islands Code, Chapter 12 is amended in the 5 following instances: 6 (a) In Section 704(f) and (g) delete the word "appointive". 7 (b) In Section 704(f) delete "$50.00" and replace with "$150.00". 8 (c) In Section 705(e) delete "the Director of the Bureau of Audit and Control" and replaced 9 with "the Director of the Internal Revenue Bureau and the Director of the Office of the 10 Inspector General" 11 (d) In Section 707(i), (j) and (k) Insert before "Corporation" the phrase: "the Economic 12 Development Park" 13 (e) Section 708(a) is deleted in its entirety and replaced with the following: 14 " (I) Invest at least $100,000, exclusive of inventory, in an approved industry or business that 15 the Commission has determined to advance the economic well-being of the Virgin Islands and 16 its people. The approved industries or businesses and their established categories shall be: 17 18 19 20 Category I — Legacy Virgin Islands Industries - including Rum Production, EFTA01100231