(a) Tax Rebates on Certain Rental Income. A qualifying certificate granting a rebate of up to fifty percent (50%) of all income tax paid to the government of Guam by a Beneficiary on income derived from the lease of land, buildings, machinery or equipment to a Beneficiary of a qualifying certificate issued for affordable housing or for a hotel or tourist facility covered by the provisions of this Chapter may be issued for a period not to exceed five (5) consecutive years from the effective date of a qualifying certificate therefor, and a rebate of up to twenty-five percent (25%) of such income tax for a period not to exceed the next five (5) consecutive years; provided, that an application for such rebate is made within the effective period(s) of this Article, as set out in § 70108, infra.@ (b) Income Tax Rebate on Sales to Developers. A rebate of up to fifty percent (50%) on all taxes paid to the government of Guam by a Beneficiary on income derived from the sale of land or other real property to a developer of a hotel, of a tourist facility, or of affordable housing covered by the provisions of this Chapter may be issued; provided, that an application of such rebate is made within the effective period(s) of this Chapter, as set out in § 70108, infra. SOURCE: GC §53609.6, as added by P.L. 16-87. Repealed by P.L. 22-85:2 (3/3/94) and remaining funds reversed to the Tourist Attraction Fund by the same §2.Amended by P.L. 23-135:7. Amended by P.L. 24-266:2. § 70108. >Sunset= Provision.
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This Article shall take effect on its approval by I Maga=lahen Guahan and shall remain in effect until January 1, 2002, at the expiration of which period this Article shall automatically be deemed repealed; provided, however, that the Board, at its discretion, may extend the effectiveness of this Article to January 1, 2004 by adopting a resolution to such effect prior to January 1, 2002 and provided, further, that any qualifying certificate issued for a period expiring after January 1, 2002, or after January 1, 2004, if the effective period has been extended, shall remain in full force and effect until its particular term expires or it is canceled on other grounds. The tax rebate on sales to developers authorized by § 70107 of this Article is available to the Beneficiary for any tax year, any part of which falls before January 1, 2003, or before January 1, 2005, if the Article=s effective period has been extended. SOURCE: GC §53609.7, as added by P.L. 16-87.Amended by P.L. 23-135:8. Amended by P.L. 24-266:3.