(a) Individuals, corporations, or limited liability companies making contributions, as approved by the Superintendent of the Department of Education (hereinafter “”DOE””), towards the construction, development, upgrading, repair or maintenance of any gymnasium shall be authorized tax credits against Business Privilege Taxes. The basis for contribution to the project shall be the actual cost of the contribution plus the cost of transportation, if any, from the point of origin to its destination.

(b) Any unused credits not used in the current tax period may be carried over into subsequent tax periods until such credits are exhausted.

(c) The total credits allowed under this Article shall not exceed the actual dollar amount of the expenditures on the project by the taxpayer.

COMMENT: Effective July 17, 2007, reference to Gross Receipts Tax
(GRT), amended to Business Privilege Tax (BPT), pursuant to P.L. 29-
002:VI:28 (May 18, 2007).

2009 NOTE: P.L. 28-045:10 (June 6, 2005) changed the name of the
Department of Education to the Guam Public School System. P.L. 30-
050:2 (July 14, 2009) reverted the name of the Guam Public School System to the Department of Education. References to Guam Public School System have been changed to Department of Education pursuant to P.L.
30-050:3.

§77404. Cap on Business Privilege Tax Credits for Construction, Development, Upgrading, Repair or Maintenance of Gymnasiums.

The total amount of credits against Business Privilege Taxes for the construction, development, upgrading, repair or maintenance of gymnasiums as authorized herein shall not exceed One Million Dollars ($1,000,000.00) for all projects.

NOTE: Effective July 17, 2007, reference to Gross Receipts Tax (GRT), amended to Business Privilege Tax (BPT), pursuant to P.L. 29-002:VI:28 (May 18, 2007).