12 Guam Code Ann. § 80105
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Terms Used In 12 Guam Code Ann. § 80105
- 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.
- Donor: The person who makes a gift.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
e Corporation may receive donations of money which shall be expended to carry out the purposes of this Chapter. Donors incurring a tax obligation to the government of Guam under the Business Privilege Tax (Article 2, Chapter 26 of Title 11 of the Guam Code Annotated) or an income tax obligation to the government of Guam under the Guam
Territorial Income Tax Law, at the donors= option in lieu of the deduction
provided for such a contribution by the Guam Territorial Income Tax
Law, may receive a credit for the money donated; provided, however, that the credits shall not exceed ten percent (10%) of the donor=s total tax
obligation to the government of Guam under Subchapters B and C of the
Business Privilege Tax Law for the donor=s fiscal year in which the
donation is made. If the amount of money donated exceeds the credit allowed against the taxes imposed under Subchapters B and C of the Business Privilege Tax Law (Chapter 26 of Title 11 of the Guam Code
Annotated) for the donor=s fiscal year in which the donation is made,
then the excess may be deducted with respect to the donor=s income tax
obligations to the government of Guam under the Guam Territorial Tax
Law, subject to the limitations imposed generally with respect to deductions for such contributions. In order to receive the credit authorized by this Section, the donor must claim the credit in a manner established by the Department of Revenue and Taxation, not later than
ninety (90) days following the end of the donor=s fiscal year in which the
donation was made.
Territorial Income Tax Law, at the donors= option in lieu of the deduction
provided for such a contribution by the Guam Territorial Income Tax
Law, may receive a credit for the money donated; provided, however, that the credits shall not exceed ten percent (10%) of the donor=s total tax
obligation to the government of Guam under Subchapters B and C of the
Business Privilege Tax Law for the donor=s fiscal year in which the
donation is made. If the amount of money donated exceeds the credit allowed against the taxes imposed under Subchapters B and C of the Business Privilege Tax Law (Chapter 26 of Title 11 of the Guam Code
Annotated) for the donor=s fiscal year in which the donation is made,
then the excess may be deducted with respect to the donor=s income tax
obligations to the government of Guam under the Guam Territorial Tax
Law, subject to the limitations imposed generally with respect to deductions for such contributions. In order to receive the credit authorized by this Section, the donor must claim the credit in a manner established by the Department of Revenue and Taxation, not later than
ninety (90) days following the end of the donor=s fiscal year in which the
donation was made.
SOURCE: Amended by P.L. 29-002:VI:28 (May 18, 2007) the name, Gross
Receipts Tax, changed to Business Privilege Tax, effective July 17, 2007.