Guam § 77112 - Application of Tax Credits.

§ 77112. Application of Tax Credits.

(a) Individuals, corporations, or limited liability companies

making up-front contributions, as approved by the Director of

Parks and Recreation and the GBF Board of Directors, towards

the development, upgrading, repair and maintenance of the Paseo

Stadium and ancillary facilities, consistent with a Stadium Master

Plan, shall be authorized tax credits against Excise Taxes levied

pursuant to Chapter 22 (Annual Excise and Admission Taxes),

Article 3 of Chapter 26 (Alcoholic Beverage Tax), Article 4 of

Chapter 26 (Liquid Fuel Tax), Article 6 of Chapter 26 (Tobacco

COL1/11/2022

CH. 77 PARKS & RECREATION

Tax), Chapter 28 (Use Tax Law), and Chapter 30 (Monthly Excise

Tax on Occupancy of Hotel and Similar Lodging House

Facilities), of Division 2 of Title 11, Guam Code Annotated, not

to exceed the aggregate amount for all contributors collectively,

of Five Hundred Thousand Dollars ($500,000.00) annually for the

first two (2) years following the enactment of this Law and One

Hundred Thousand Dollars ($100,000.00) annually for five (5)

subsequent years. The Director of the Department of Revenue

and Taxation shall determine the allocation of the aggregate

annual tax credits between contributors. Any donation of

merchandise authorized pursuant to this Section shall be the actual

cost of the item plus the cost of transportation from the point of

origin to its destination without profit, mark-up or taxes. All tax

credits referred to in this Section shall mean tax credits applied

against excise tax liabilities. The Guam Economic Development

and Commerce Authority (‘GEDCA’) shall submit to I

Liheslatura within thirty (30) days upon the enactment of this Act,

rules and regulations governing the implementation of tax credits

portion of this Chapter.

(b) Tax credits which cannot be applied during a tax year may

be applied during subsequent tax years.

(c) Tax credits shall not be applied to more than fifty percent

(50%) of the contributor’s monthly excise tax liability.

(d) GEDCA shall certify that participants are in compliance

with this Section, other provisions of law, the GBF Master Plan,

the lease between GBF and the government of Guam, and with

applicable provisions contained in tax credits previously granted

to sports based activities, and shall provide a copy of this

certification to the Department of Revenue and Taxation for the

issuance of such tax credits.

(e) All expenditures hereunder shall be in accordance with

the Guam Procurement Law.