(1) Despite anything in the Income Tax Act a person may apply under this Act for an exemption from the payment of income tax on the income accruing from an approved agricultural project.
(2) Cabinet may, in its discretion, grant an applicant a complete or partial exemption from the payment of income tax which shall be specified in an Order made under section 9.
(3) Cabinet shall determine the tax holiday period which shall not exceed 10 years.
(4) A person may submit an application for the renewal of income tax exemptions by submitting an application in the form prescribed in Schedule 2.