Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.
| State or Territory: | Guam |
| Effected Jurisdiction: | Guam |
Jurisdiction type: | State or Territory |
| Fiscal year ending In: | 2019 |
| Program name: | Qualifiying Certificate (QC) Program |
| Program purpose: | General Economic Development |
| Statutory authority: | Public Law 8-80 and amended under Public Law 20-178 and Public Law 22-159 |
| Abating jurisdiction(s): | Territory of Guam |
| Applicable taxes: | Corporate Income Tax |
| Method of abatement: | Tax Abatement |
| Provisions for recapture: | None |
| Gross revenue loss: | $4,944,306 |
| Reimbursement / offset: | $0 |
| Net revenue loss: | $4,944,306 |
| Type of loss: | Active |
| Additional notes on dislosure: | Qualified individuals and companies may be granted the following tax abatements: • Up to 100% abatement of real property tax for up to ten (10) years on property utilized by the QC beneficiary to operate its business; • Up to 100% abatement of gross receipts tax on income from the sale of alcoholic beverages and petroleum products manufactured in Guam for up to ten (10) years; • Up to 100% abatement of gross receipts tax on income derived from underwriting insurance risks either in or out of Guam for up to twenty (20) years; • Up to 100% rebate of corporate income tax for up to twenty (20) years. |
| Document source: | https://emma.msrb.org/P21499343-P21160730-P21575454.pdf |
