Guam § 50103 - Formula for Reserve Funds for Income Tax
Full text of Guam Guam Code Annotated § 50103 — Formula for Reserve Funds for Income Tax, with citation guidance and answers to common questions.
§ 50103. Formula for Reserve Funds for Income Tax
Refunds, Earned Income Tax Credits, and Child Tax
Credits.
COL9192018
11 GCA FINANCE & TAXATION
Each year, the Director of Revenue and Taxation, in
consultation with the Director of Administration and the Director
of the Bureau of Budget and Management Research, shall
establish a formula for reserving income tax receipts to pay
income tax refunds, earned income tax credits, and child tax
credits. Such formula shall be derived from the statistical
average of income tax refunds, earned income tax credits, and
child tax credits issued in the previous three (3) years, and shall
further provide for reserving income tax receipts, on a
percentage basis, in order to accumulate sufficient cash reserves
to pay projected income tax refunds, earned income tax credits,
and child tax credits in a timely manner. Notwithstanding any
other provision of law, such cash receipts may be used to pay for
prior years’ income tax refunds, earned income tax credits, and
child tax credits.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 50103
What does Guam Code Annotated § 50103 cover?
Section 50103 ("Formula for Reserve Funds for Income Tax") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 50103?
A common citation format is "Guam Code Annotated § 50103" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 50103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.