Credits Against Unpledged Business Privilege Tax and Exemption of Use Tax

(a)A business, to the extent that such business contributes to the Guam Memorial Hospital Authority the required medical equipment needed by the GMHA, as identified and approved by the Board of Trustees of the GMHA, shall be entitled to credit of business privilege taxes not already pledged for any purpose by Guam law. The basis for contribution for such required medical equipment needs shall be the actual cost of the contribution plus the cost of transportation, if any, from the point of origin to its destination. The GMHA shall coordinate the processing and receipt of the costs of the medical equipment from contributing businesses and shall certify that such costs are for the intended authorized purposes herein. Such certification of costs shall be provided to the Guam Economic Development Authority (GEDA).

(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 for required medical equipment.

(d)One hundred percent (100%) of use taxes shall be exempt with respect to costs directly associated with the transportation and delivery of medical equipment for the GMHA contributed under this Article. Only such use taxes directly associated with contributing such medical equipment shall be exempted. The GMHA shall coordinate the processing and receipt of such costs directly associated with such medical equipment and shall certify that such costs are for the intended authorized purposes. Such certification shall be provided to the Guam Economic Development Authority.