(a) To the extent that a business providing required medical equipment for the program claims more tax credits in terms of unpledged business privilege taxes than the actual value of the medical equipment contributed to the program, that business shall be required to pay all interest and penalties applicable under Guam law and the Internal Revenue Code for failure to pay taxes, in addition to payment of the actual taxes due.

(b) To the extent that any individual, officer, director, or other person having interest in a business providing required medical equipment for the program contained herein knowingly and willingly causes such business to claim more tax credits for business privilege taxes than the actual value of the medical equipment contributed to the program, such individual shall be guilty of a felony in the third degree punishable by a fine of not less than Five Thousand Dollars ($5,000) or one (1) year in prison or both.

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COL 8/23/2023

12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 77 SPECIAL PROJECTS AND ACTIVITIES OF THE GUAM ECONOMIC DEVELOPMENT AUTHORITY

ARTICLE 12

TAX CREDITS TO REPAIR AND REHABILITATE THE SOUTHERN
HIGH SCHOOL AUDITORIUM

SOURCE: Added as Article 11 (§§771101-771109) by P.L. 35-143:2 (Jan. 22, 2021), renumbered by the Compiler pursuant to 1 Guam Code Ann. § 1606.

2021 NOTE: P.L. 35-143:4 (Jan. 22, 2021) states: “”This Act shall be effective upon enactment; however, the tax credits authorized under this Act shall not be authorized until the approval of the designs for the repair and rehabilitation of the Southern High School Auditorium and the development of a long-term maintenance plan for the same.””