(a) Notwithstanding any other provisions of this Act, Trust Companies licensed pursuant to the provisions of this Chapter and any bank conducting trust business pursuant to § § 106151 et seq. of Title 11 of the Guam Code Annotated may apply on behalf of the Guam-based trusts under their management, for a Special Qualifying Certificate (>QC=) from the Guam Economic Development Authority, which would allow a one hundred percent (100%) tax rebate as authorized under
§§ 58128.6(a) and (b) of Chapter 58 of Title 12 of the Guam Code
Annotated.

(1) Provided, however, notwithstanding any other provision of this Section, the tax rebate shall not apply to trust property which has been employed in a business in which the settlor was engaged and trust property which is used to embark upon a business for the settlor or the beneficiary.

(2) For the purposes of this Subsection, business has the same meaning as engaging in or carrying on a business as in the Business License Law in § 70103(e) of Title 11 of the Guam Code Annotated, and includes only businesses which are required to be licensed, or are excepted from obtaining a license pursuant to the policy and provisions of §§ 70102 and 70130 of Title 11 of the Guam Code Annotated.

(b) The Guam Economic Development Authority is hereby authorized to promulgate rules and regulations to implement a Special QC program to allow for expeditious processing of requests by Trust Companies or trustees of Guam-based trusts, for benefits as provided under §§ 58128.6(a) and (b) of Chapter 58 of Title 12 of the Guam Code Annotated.

(c) A true copy of the Special QC shall be attached to each tax return of the Guam-based trust, and the amount of tax due prior to the rebate shall be deposited with the government at the time of filing of each income tax return. Taxes deposited on behalf of a Guam-based trust shall not be placed in the General Fund or commingled with other funds,

COL4122017
11 Guam Code Ann. FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT

but shall be deposited by the Director of Revenue and Taxation in special purpose trust accounts in one (1) or more FDIC insured banks with offices within Guam, and shall be withdrawn from such accounts only for the purpose of:

(1) making rebates as provided herein; or

(2) making payments as provided in § 160308.

(d) Upon the application of the Guam-based trust at the completion of the one hundred eighty (180) days from the date of filing of income tax returns, the Director of Revenue and Taxation shall immediately thereafter cause the refund of the income tax to the Guam-based trust.

2017 NOTE: Subsection/subitem designations altered/added pursuant to the authority of 1 Guam Code Ann. § 1606.