11 Guam Code Ann. § 42101
Terms Used In 11 Guam Code Ann. § 42101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
§ 42102. Department of Revenue and Taxation to Implement an
Earned Income Program.
For Fiscal Year 1998 and each year thereafter, the Department of Revenue and Taxation is authorized to institute an Earned Income program to mirror the program instituted by the federal government and known as the, Earned Income Tax Credit.
§ 42103. Guam Earned Income Program to Mirror Federal
Program.
The Federal Earned Income Tax Credit is a subsidy authorized in the states and offered to lower income workers as an incentive to better their economic conditions and enables them to remain within the work force. The Guam Earned Income program shall be instituted using the same income levels as are used in the Federal ‘Earned Income Tax Credit’ law to compute a subsidy which will be paid to residents of Guam who file Income Tax Returns to the Department of Revenue and Taxation.