(a) The income tax payments made under the Special QC program, shall be returned to the respective trusts at the completion of the one hundred eighty (180) day period without interest.

(b) The first One Million Dollars ($1,000,000) generated from the trust shall be authorized and appropriated to the Guam Memorial Hospital Authority. All other revenues generated from the implementation of this Act, including, but not limited to, the initial and annual License Fees, Examination Fees and interest earned from these funds, shall be allocated as follows:

(1) subject to legislative appropriation, up to fifty percent (50%) to the Chamorro Land Trust Commission, for the purposes of infrastructure development (i.e. roads, power, water, sewer and telephone services) on Chamorro Land Trust properties;

(2) subject to legislative appropriation, up to ten percent (10%) shall be earmarked for the Department of Revenue and Taxation for maintaining the operational functions of the government of Guam;

(3) subject to legislative appropriation, up to ten percent (10%) of this revenue, shall be remitted immediately to the Guam Economic Development Authority for the development and promotion of Guam=s financial services industry; and

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

(4) all remaining revenues generated from the implementation of this Act shall be remitted to the General Fund to be appropriated by I Liheslaturan Guåhan.

SOURCE: Added by P.L. 25-73. Item 2 amended by P.L. 25-150:17.

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