Credit Against Business Privilege Taxes

(a)To the extent that any business contributes the cost of design, labor and materials that are for the construction of the Guam Football (Soccer) Association’s soccer stadium and facilities, it shall be entitled to credit of business privilege taxes. The basis for contribution to the project shall be the actual cost of the contribution plus the cost of transportation from the point of origin to its destination.

(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 Act shall not exceed the actual dollar amount of the expenditures on the project.