12 Guam Code Ann. § 58110
Terms Used In 12 Guam Code Ann. § 58110
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
(a) Percentage of Investment. Limiting the tax benefits to a percentage of the capital investment in Guam to be made by the Beneficiary;
(b) Variable Rate. Varying the rate of tax benefits over the term of the Qualifying Certificate;
(c) Limitation on Amount. Limiting the tax benefits to a fixed dollar amount;
(d) Public Investments. Conditioning the tax benefits on the Beneficiary’s investing in or creating public improvements separate from its proposed activities, including programs and projects sponsored or proposed by a village’s Mayor or Municipal Planning Council;
(e) Local Shareholders. Requiring the Beneficiary to offer ten percent (10%) or more of its corporate equity to qualified residents of Guam on terms and conditions to be established by the Authority;
(f) Profit-Sharing, etc. Requiring the Beneficiary to establish profit-sharing and stock ownership programs and other similar benefits for its employees;
(g) Training. Requiring the Beneficiary to
(1) utilize locally-based and locally-owned training services as needed; or
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12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 58 QUALIFYING CERTIFICATES
(2) establish in-house training programs that consult with locally-based experts to ensure compliance of pertinent local rules and regulations as needed; or
(3) make contributions to an independent training or scholarship fund.
Initial consideration for locally-owned, locally-based training businesses or services shall be given before considering and soliciting businesses or services outside of Guam.
(h) Local Purchaser. Requiring the Beneficiary to procure services or products supplied by Guam-licensed vendors if the total cost of the same does not exceed one hundred ten percent (110%) of the cost of the same services or products available from off-island vendors.
(i) Local Professional Advice and Support. Requiring the Beneficiary to procure and utilize Guam-licensed entities or employ Guam residents that provide professional advice and support in the areas of records access and legal services. Such service providers shall include, but not be limited to, accountants, attorneys and auditors. GEDA shall have the authority to determine which services are subject to this provision of law.
SOURCE: Subsection (i) added by P.L. 31-160:2 (Jan. 4, 2012), effective (90) days from date of enactment pursuant to P.L. 31-160:3. Subsection (g) amended by P.L. 31-222:2 (June 15, 2012). Subsection (d) amended by P.L. 36-020:1 (May 12, 2021).
2012 NOTE: The subsection designations in subsection (g) were altered from Roman numerals to Arabic numbers to adhere to the Compiler’s alpha-numeric scheme pursuant to 1 Guam Code Ann. § 1606.