581

(a) There is hereby imposed on all corporations that have a liability to pay Virgin Islands income tax a surcharge of ten percent (10%) of each such corporation's total income tax liability, defined as 'Total Tax Liability.' As necessary, the Director shall issue press releases or other notices indicating which line or lines of Forms 1120, 1120F and 1120-A, and such other forms as may be prescribed by the Internal Revenue for paying corporate income tax liability, should be used to determine total tax liability. This provision shall be effective for taxable years beginning after December 31, 1986.\n(b) If any corporation is a beneficiary of any income tax reduction benefit under the laws of the Virgin Islands, the corporation's surcharge shall be reduced in proportion to the amount of tax benefits granted the corporation for its taxable year. All civil and criminal penalties that apply to the failure to pay other corporation income taxes shall apply to a corporation that fails to pay the surcharge required by this section.\n(c) This section shall apply to taxable years beginning after December 31, 1985.