Guam § 80105 - Tax Credits and/or Exemptions for Donations.

§ 80105. Tax Credits and/or Exemptions for Donations.

The Corporation may receive donations of money which shall be

expended to carry out the purposes of this Chapter. Donors incurring a

tax obligation to the government of Guam under the Business Privilege

Tax (Article 2, Chapter 26 of Title 11 of the Guam Code Annotated) or

an income tax obligation to the government of Guam under the Guam

Territorial Income Tax Law, at the donors= option in lieu of the deduction

provided for such a contribution by the Guam Territorial Income Tax

Law, may receive a credit for the money donated; provided, however,

that the credits shall not exceed ten percent (10%) of the donor=s total tax

obligation to the government of Guam under Subchapters B and C of the

Business Privilege Tax Law for the donor=s fiscal year in which the

donation is made. If the amount of money donated exceeds the credit

allowed against the taxes imposed under Subchapters B and C of the

Business Privilege Tax Law (Chapter 26 of Title 11 of the Guam Code

Annotated) for the donor=s fiscal year in which the donation is made,

then the excess may be deducted with respect to the donor=s income tax

obligations to the government of Guam under the Guam Territorial Tax

Law, subject to the limitations imposed generally with respect to

deductions for such contributions. In order to receive the credit

authorized by this Section, the donor must claim the credit in a manner

established by the Department of Revenue and Taxation, not later than

ninety (90) days following the end of the donor=s fiscal year in which the

donation was made.