Ceiling on Tax Credit Programs

Notwithstanding any other provision of law, the fiscal year total amount of new tax credits authorized by the Government of Guam shall not exceed the amount set aside by I Liheslatura in the annual budget law as the General Fund Reserve (Deficit Reduction/Rainy Day Fund). All existing tax credits for each fiscal year shall be reflected in each annual General Appropriations Act (annual Government of Guam Budget Act) as offsets to the applicable revenue source. SOURCE: Added by P.L. 37-013:2 (May 12, 2023).