Title 11 — Finance and Taxation
59 chapters · 1,261 sections in this title.
11 GCA § 50101 Short Title
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This Chapter shall be known and may be cited as the Income Tax Refund Reserve Fund Law. SOURCE: Added by P.L. 22-140:IV:2(b) (Sept. 29, 1994), eff. Oct. 1, 1994.
11 GCA § 50102 Creation of Income Tax Refund Reserve Fund; No
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Commingling. There is hereby created, separate and apart from other funds of the government of Guam, a reserve fund known as the Income Tax Refund Reserve Fund (the Fund). The Fund shall not be commingled with the General Fund or any other funds of the government of Guam, and it …
11 GCA § 50103 Formula for Reserve Funds for Income Tax
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Refunds, Earned Income Tax Credits, and Child Tax Credits. COL9192018 Each year, the Director of Revenue and Taxation, in consultation with the Director of Administration and the Director of the Bureau of Budget and Management Research, shall establish a formula for reserving inc…
11 GCA § 50104 Revenues Reserved for Income Tax Refunds,
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Earned Income Tax Credits and Child Tax Credits. In accordance with the formula provided for in § 50103 of this Chapter, the Director of Administration shall, as a ministerial duty, set aside all money reserved for income tax refunds, and shall set aside earned income tax credits…
11 GCA § 50105 Expenditures from the Fund
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Any and all expenditures from the Fund shall be for the payment of income tax refunds, earned income tax credits, child tax credits, tax rebate relief and for no other purpose. The fund is not subject to the provisions of 5 GCA § 22414, which provisions would otherwise permit I M…
11 GCA § 50106 No Transfer Authority
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The money placed in the Income Tax Refund Reserve Fund is not subject to any transfer authority of the Governor. SOURCE: Added by P.L. 22-140:IV:2(b) (Sept. 29, 1994), eff. Oct. 1, 1994.
11 GCA § 50107 Monthly Reports
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The Director of Administration shall make monthly reports to the Legislature on all expenditures from and deposits into the Fund. SOURCE: Added by P.L. 22-140:IV:2(b) (Sept. 29, 1994), eff. Oct. 1, 1994.
11 GCA § 50108 Income Tax Refund Status Reporting
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The Director of Revenue and Taxation shall submit a written report and an electronic Microsoft Excel file to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget of the status of income tax refunds, and shall utilize the template design in Appendix II of PL 3…