(a) The total amount of credits against unpledged business privilege taxes pursuant to § 771402 of this Article for the rehabilitation and improvements of the football fields operated by the GNYFF authorized herein shall not exceed Three Million Dollars ($3,000,000) over a five (5) year period, and shall be executed as follows:

(1) For the first (1st) year, beginning in Fiscal Year
2023 which commences on October 1, 2022, up to One Million Dollars ($1,000,000) in tax credits shall be authorized.

(2) For years two (2), three (3), four (4), and five (5) which commence on October 1, 2023, October 1, 2024, October 1, 2025, and October 1, 2026, respectively, no more

46

COL 8/23/2023

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

than Five Hundred Thousand Dollars ($500,000) in tax credits shall be authorized for each year of the program.

(3) No more than Six Hundred Thousand Dollars ($600,000) in unpledged business privilege tax credits pursuant to § 771302 of this Article shall be issued for any one (1) field within the five (5) year period pursuant to this Section.

(b) If, at the expiration of the five (5) year period authorized pursuant to this Section, there are still unclaimed authorized tax credits, I Liheslaturan Guåhan may, in its discretion, extend the eligible period until such time that all eligible tax credits are exhausted.

(c) I Liheslaturan Guåhan may, in its discretion, extend the term and modify any part of the program based on future improvement plans and demand in this location.

(d) Construction and professional services, equipment, and materials shall be competitively procured.