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(a)A qualified business may apply for tax incentives on qualified improvements pursuant to this Article under one or more of the following categories, subject to verification and fiscal caps:

(1)Business Privilege Tax Credit: A credit against the unpledged portion of the Business Privilege Tax

(BPT)owed.

(2)Real Property Tax Abatement: A one hundred percent (100%) abatement for up to three

(3)years on the assessed value of improvements to the property.

(3)Use Tax Exemption: A one hundred percent (100%) exemption on materials, equipment, and fixtures imported for use in the qualified improvement, if claimed within one

(1)year of completion.

(b)The aggregate incentive value issued to any applicant shall not exceed twenty-five percent (25%) of verified project cost or Two Hundred Fifty Thousand Dollars ($250,000), whichever is less.

(c)Approved credits not fully utilized in the first tax year may be carried forward for up to two

(2)subsequent tax years. CH. 77 SPECIAL PROJECTS AND ACTIVITIES OF THE GUAM ECONOMIC DEVELOPMENT AUTHORITY