Cap on Business Privilege Tax Credits for Required Medical Equipment at the Guam

Memorial Hospital Authority.

(a)The total amount of credits against unpledged business privilege taxes for medical equipment needs of the GMHA authorized herein shall not exceed Five Million Dollars ($5,000,000) over a five (5)-year period. No more than Five Hundred Thousand Dollars ($500,000) in tax credits shall be authorized for each year of the program. The five-year period will begin in the first fiscal year I Liheslaturan Guåhan allocates One Million Dollars ($1,000,000) from unpledged business privilege taxes through the budget act. This period will continue to count in each subsequent fiscal year as long as this One Million Dollars ($1,000,000) appropriation is maintained in future budget acts.

(b)If, at the expiration of the five (5)-year period authorized pursuant to this Article, there are still unclaimed authorized tax credits, then I Liheslaturan Guåhan may, in its discretion, extend the eligible period until such time that all eligible tax credits are exhausted.

(c)I Liheslaturan Guåhan may, in its discretion, extend the term and modify any part of the program.

(d)Medical equipment purchases shall be competitively procured. CH. 77 SPECIAL PROJECTS AND ACTIVITIES OF THE GUAM ECONOMIC DEVELOPMENT AUTHORITY