Income Tax Rebates for Shareholders of a “Subchapter S” Corporation and Members of a

Limited Liability Partnership and Limited Liability Company. (a) A rebate of up to seventy-five percent (75%) of all income tax paid by the shareholders of a corporation which has elected to be taxed as a “Subchapter S” corporation, as defined at §1361, Title 26, United States Code, or any successor provision, on the income of the corporation which was received from those activities identified in the Qualifying Certificate, may be granted for a period not to exceed twenty (20) years following the effective date of the Qualifying Certificate therefor. (b) Members of a Limited Liability Partnership and Limited Liability Company. A rebate of up to seventy-five percent (75%) of all income tax paid by members of a Limited Liability Partnership or a Limited Liability Company formed under the laws of Guam, on the income of the Limited Liability Partnership or a Limited Liability Company which was received from those activities identified in the Qualifying Certificate, may be granted for a period not to exceed twenty (20) years following the effective date of the Qualifying Certificate therefor. SOURCE: Repealed and reenacted by P.L. 24-103:3 (Oct. 24, 1997).