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: | 2020 |
Program name: | Special Hotel Qualifiying Certificate (QC) Program |
Program purpose:![]() | General Economic Development |
Statutory authority:![]() | Public Law 32-233 |
Abating jurisdiction(s):![]() | Territory of Guam |
Applicable taxes: | Excise Tax |
Method of abatement:![]() | Tax Abatement, Exemption, or Rebate |
Provisions for recapture:![]() | None |
Gross revenue loss:![]() | $260,884 |
Reimbursement / offset:![]() | $0 |
Net revenue loss:![]() | $260,884 |
Type of loss:![]() | Active |
Additional notes on dislosure: | Developers and owners are allowed a tax rebate, exemption or abatement in an amount equal to ten percent (10%) of their total construction costs, which can be applied by the developer, at their discretion, to the following taxes: • 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 50% abatement of gross receipts tax payable to GovGuam for up to twenty (20) years; • Up to 100% abatement of excise tax with respect to the property used to construct, furnish and equip the new facility construction or substantial expansion of an existing building; • Up to 100% rebate of corporate income tax for up to twenty (20) years. |
Document source: | https://emma.msrb.org/P21499345-P21160732-P21575456.pdf |