Title 12, Autonomous Agencies

For the purposes of this Act, except as otherwise specifically provided, the following words and phrases, together with all of the common derivatives thereof, shall have the meaning ascribed to them as follows: (a) “GEPA” shall mean the Guam Environmental Protection Agency. (b) “…

(a) I Liheslaturan Guåhan recognizes that the Qualifying Certificate program of the Guam Economic Development Authority (Authority) was conceived as an economic incentive tool to entice investors into Guam. In use for over four (4) decades, it has had a substantial positive impac…

For purposes of this Article 2, the following definitions will apply: (a) “Authority”: The Guam Economic Development Authority (GEDA) (b) “Hotel”: For purposes of this Article and unless the context otherwise requires, hotel means a building facility that contains guest rooms hel…

The Special Hotel Qualifying Certificate (QC) is a contract valid for a given period, executed by I Maga’hågan/Maga’låhen Guåhan upon the recommendation of the Authority. The QC, once issued and unless suspended, rescinded, or revoked, shall constitute conclusive evidence of enti…

Application and Modification Annual Compliance Filing Fee Monitoring Fee Hotels: $5,000.00 Under Construction: $3,000.00 In Operation: $50/per room As to the annual compliance monitoring fees, the fee shall be assessed annually until such time as the QC beneficiary has exhausted …

As a condition of this Special Hotel QC, the QC beneficiary shall make a community contribution to the Authority in an amount equal to 0.5% of the total hotel construction cost. The terms of the community contributions shall be subject to negotiations between the Authority and th…

This Article shall take effect on its approval by I Maga’hågan/Maga’låhen Guåhan and shall remain in effect until the earlier of: (a) December 31, 2031; or (b) 1,600 hotel rooms have been committed to be built; upon which period this Article shall automatically be deemed repealed…

If any provision of this Law or its application to any person or circumstance is found to be invalid or contrary to Law, such invalidity shall not affect or provisions or applications of this Law which can be given effect without the invalid provisions or application and to this …

Act. (a) I Liheslaturan Guåhan finds that there is a need to create a Special Qualifying Certificate Program, to be known as the “Åkton GUMA (Group Use Manåmko Accommodations) Incentive Act,” stimulating economic activity through the construction of new elderly housing developmen…

The developer or operator shall reach out to Government of Guam agencies, federal agencies, and non- profit organizations to identify available funding and services that serve the elderly minorities and the elderly with disabilities, and provide an elderly continuum of care to el…

(a) An establishment seeking tax credits under this Article shall obtain and maintain the necessary licenses, permits and certificates, comply with zoning laws, federal laws, and obtain other governmental approvals required in the process of implementing the project. (b) A projec…

For purposes of this Article, the following definitions shall apply: (a) “Affordable” where used in this Article shall be up to one hundred fifteen percent (115%) and less of the median income average threshold where rental dwellings are deemed affordable if the annual rent does …

Notwithstanding any other provision of law, rule, or regulation to the contrary, the Special Qualifying Certificate (QC) of the Åkton GUMA (Group Use Manåmko Accommodations) Incentive Act is a contract valid for a given period that is executed by I Maga’hågan/Maga’låhen Guåhan up…

The Authority shall establish the fees for the Special Qualifying Certificate pursuant to this Article. As to the annual compliance monitoring fees, the fee shall be assessed annually until such time as the QC beneficiary has exhausted the total dollar amount of its QC benefit. C…

If the purpose of the construction of a new elderly housing project or residential living facility, or the substantial renovation of an existing elderly residential living facility is for the developer to either resale, rent, or lease, as part of the application process for the Q…

Insofar as the provisions of the Åkton GUMA (Group Use Manåmko Accommodations) Incentive Act are inconsistent with the provisions of any other laws or regulations, in whole or in part, the provisions of this Act shall be controlling; and in particular but not by way of limitation…

(a) This Article shall take effect upon its approval by I Maga’hågan/Maga’låhen Guåhan and shall remain in effect for ten (10) years. (b) The GEDA Board, at its discretion, with input from I Liheslatura, the Guam Housing and Urban Renewal Authority, the Department of Public Healt…

The Legislature finds that it is in the best interest of the territory of Guam to offer inducements to attract United States companies which are engaged in export trade to establish Foreign Sales Corporations in Guam and that special tax incentives are necessary for this purpose.…

For the purposes of this Chapter: (a) The term FSC means a Guam domestic corporation which is: (1) A FSC as defined in §922(a) of the Internal Revenue Code as the same may be amended from time to time, and (2) the holder of a valid Guam FSC license duly issued pursuant to 11 GCA …

(a) For the purpose of the taxes imposed upon income pursuant of the Guam Territorial Income Tax (as established and defined in 48 U.S.C. §1424(i) gross income of a FSC does not include any foreign trade income of such FSC. (b) For the purpose of the taxes imposed upon income pur…

(a) To the extent any foreign trade income, carrying charges, investment income, or gross income derived from sources without Guam as determined under Subsection (c) of § 6102 of Title 12, Guam Code Annotated, at anytime now hereafter becomes includable without the gross income o…

It shall be a condition of the tax exemptions provided for in § 60102 of this Chapter and of the Special Qualifying Certificate provided for in § 60103 of this Chapter that a FSC shall at all times maintain a valid Guam FSC license in good standing pursuant to the provisions of 1…

A Limited Qualifying Certificate is an instrument valid for not more than two (2) years issued by the Chairman of the Board upon recom- mendation of the Board to a beneficiary who has qualified for a tax rebate under this Chapter. SOURCE: Added by P.L. 19-19:25.

Any person shall be eligible for a Limited Qualifying Certificate who has received compensation for land takings from the United States pursuant to the Omnibus Territories Act of 1977 (the Act). SOURCE: Added by P.L. 19-19:25.

A Limited Qualifying Certificate may be rescinded for fraud or misrepresentation of any material allegation in the application for such Certificate. SOURCE: Added by P.L. 19-19:25.

Applications for Qualifying Certificates shall be filed on forms prescribed and furnished by the Corporation. SOURCE: Added by P.L. 19-19:25. COL120106

Each beneficiary of the Limited Qualifying Certificate shall receive a rebate of one hundred percent (100%) of all income tax paid to the government of Guam on any payment by the United States as compensa- tion for land taking pursuant to the Act. SOURCE: Added by P.L. 19-19:25.

To claim the rebate, the Beneficiary shall attach a certified true copy of the Limited Qualifying Certificate to his Guam income tax return when filing it. The amount of tax due prior to rebate shall be deposited with the Treasurer of Guam at the time of filing the income tax ret…

The Director of Revenue and Taxation may issue such rules as are deemed necessary to implement the procedures outlined in this Chapter. SOURCE: Added by P.L. 19-19:25.

An application fee of Five Dollars ($5) shall accompany each application for a Limited Qualifying Certificate. SOURCE: Added by P.L. 19-19:25. ---------- COL120106

This Chapter may be cited as the GEDA Project Revenue Bond Act of 1982. SOURCE: GC §53588, as added by P.L. 16-66.

As used in this Chapter or in any indenture entered into pursuant thereto, unless a different meaning clearly appears from the context: (a) Authority means the Guam Economic Development Authority, created by P.L. 8-80, as amended, Eighth Guam Legisla- ture. (b) Board means the Bo…

Resolution. A copy of any application for assistance under this Chapter received by the Authority shall be submitted to, and for the review and advice of the Administrator of the Authority. Prior to making any commitment for such assistance, the Authority shall, by resolution dul…

(a) The Authority shall establish and maintain a special fund called the "Economic Development Project Fund" into which shall be deposited such money: (1) as shall be appropriated by the Legislature for the purpose of such Fund; (2) if the Authority so determines in any resolutio…

For the purpose of providing funds: (a) to pay or cause to be paid all or any part of the cost of any project or projects; (b) to make loans to any person in accordance with the provisions of this Chapter; and (c) for the funding or refunding of any bonds, the Authority shall hav…

(a) By resolution approved by the Governor, the Authority shall have the power to incur indebtedness, borrow money and issue its bonds COL120106 for the purposes stated in § 64105 of this Chapter. Except as may otherwise be expressly provided by the Authority, every issue of its …

Any provision of any law to the contrary notwithstanding, any bond or other obligation issued pursuant to this Chapter shall be fully negotiable for all purposes, and each holder or owner of such a bond or other obligation, or of any coupon appurtenant thereto, by accepting such …

In order to secure the payment of such bonds and in addition to its other powers, the Authority shall have power by resolution to covenant and agree with the several holders of such bonds, as to: COL120106 (a) The custody, security, use, expenditure or application of the proceeds…

In the case of project revenue bonds issued for the purpose of providing funds to pay or cause to be paid all or any part of the cost of any project as defined in the last sentence of § 64102(h) of this Title, any moneys received by the Authority after the payment or provision fo…

Any pledge of revenues or other money made by the Authority shall be valid and binding from the time when the pledge is made; the revenues or other money so pledged and thereafter received by the Authority shall immediately be subject to the lien of such pledge without any physic…

Territory. Neither the members of the Authority nor any person executing bonds issued pursuant to this Chapter shall be liable personally on the bonds by reason of the issuance thereof. Bonds or other obligations issued by the Authority pursuant to this Chapter shall not be in an…

The exercise of the powers granted by this Chapter shall constitute the performance of an essential governmental function and the Authority shall not be required to pay any taxes or assessments upon or in respect of a project, or any property of money of the Authority, and the Au…

Performance of any Act. Notwithstanding any restriction contained in any other law, the Territory, its officers, boards, commissions, departments or other agencies, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and lo…

All banks, bankers, trust companies, savings banks, investment companies, savings and loan associations and other financial institutions COL120106 or persons carrying on a banking or financial business are authorized to give to the Authority a good and sufficient undertaking with…

The sections of this Chapter shall be deemed to provide a complete method for the doing of things authorized thereby and shall be regarded as not in conflict with, or as restrictive of powers conferred by any other laws, and the provisions of this Chapter shall be complete author…

If any section, part, phrase or provision of this Chapter or the application thereof to any person, project or circumstances, be adjudged invalid by any court of competent jurisdiction, such judgment shall be confined in its operation to the section part, phrase, provision or app…