Guam § 34105 - Treatment of Deductions.

§ 34105. Treatment of Deductions.

In any case in which any amount of income is eligible for the

seventy-five percent (75%) rebate, there shall be disallowed as

deductions or tax credits, any expenses, losses or other items otherwise

deductible properly allocable to or chargeable against the amounts so

eligible for rebate. Any claims filed which relate to net operating loss

carryovers and carrybacks will be reviewed by the Director and to the

extent that they relate to income items previously subject to rebate,

refunds thereof will be repaid to the Authority to the extent of any rebate

paid, with any refund in excess of the rebate to be repaid to the taxpayer.