12 Guam Code Ann. § 58131
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Terms Used In 12 Guam Code Ann. § 58131
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) A rebate of up to seventy-five percent (75%) of all income tax paid by the shareholders of a corporation which has elected to be taxed as a “”Subchapter S”” corporation, as defined at §1361, Title 26, United States Code, or any successor provision, on the income of the corporation which was received from those activities identified in the Qualifying Certificate, may be granted for a period not to exceed twenty (20) years following the effective date of the Qualifying Certificate therefor.
(b) Members of a Limited Liability Partnership and Limited Liability Company. A rebate of up to seventy-five percent (75%) of all income tax paid by members of a Limited Liability Partnership or a Limited Liability Company formed under the laws of Guam, on the income of the Limited Liability Partnership or a Limited Liability Company which was received from those activities identified in the Qualifying Certificate, may be granted
COL 6/21/2023
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 58 QUALIFYING CERTIFICATES
for a period not to exceed twenty (20) years following the effective date of the Qualifying Certificate therefor.
SOURCE: Repealed and reenacted by P.L. 24-103:3 (Oct. 24, 1997).