11 Guam Code Ann. § 51102
Terms Used In 11 Guam Code Ann. § 51102
- 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.
COL10312014
11 Guam Code Ann. FINANCE & TAXATION
CH. 51 INCOME TAX REFUND EFFICIENT
PAYMENT TRUST FUND ACT OF 2002
the quotient derived by the provision for tax refunds (the dividend) divided by the total income taxes, including, but not limited to, individual, corporate and withholding taxes, interest and penalties, (the divisor) amounts adopted in the pertinent government of Guam fiscal year budget, so that, at the end of the fiscal year, the total amount set aside in said budget for income tax refunds, the earned income tax credit and advanced child tax credits shall have been deposited in said Fund. The funds deposited in the Trust Fund by the Director of Administration shall immediately be transferred to the Income Tax Reserve Fund upon the written request of the Tax Commissioner for payments made pursuant to § 50105 of Chapter 50, Division 2 of Title 11 of the Guam Code Annotated. The interest earned by money in the Trust Fund shall be held in the Fund.
SOURCE: Amended by P.L. 28-068:IV:97 (Sept. 30, 2005), P.L. 29-017:2 (Sept.
24, 2007).