Cap on Excise Tax Credits for the Rehabilitation and Improvements of the Football Fields

Operated by the Guam National Youth Football Federation.

(a)The total amount of credits against excise taxes, not inclusive of those pledged for the Healthy Futures Fund pursuant to § 771404 of this Article for the rehabilitation and improvements of the football fields operated by the GNYFF authorized herein, shall not exceed the cumulative total of Two Million Dollars ($2,000,000) over a five

(5)year period, and shall be executed as follows:

(1)For the first

(1st)year, beginning in Fiscal Year 2026 which commences on October 1, 2025, up to Five Hundred Thousand Dollars ($500,000) in tax credits shall be authorized.

(2)For years two (2), three (3), four (4), and five

(5)which commence on October 1, 2026, October 1, 2027, October 1, 2028, and October 1, 2029, respectively, no more than Three Hundred CH. 77 SPECIAL PROJECTS AND ACTIVITIES OF THE GUAM ECONOMIC DEVELOPMENT AUTHORITY Seventy-five Thousand Dollars ($375,000) in tax credits shall be authorized for each year of the program.

(3)No more than Four Hundred Thousand Dollars ($400,000) in excise tax credits pursuant to § 771404 of this Article shall be issued for any one

(1)field within the five

(5)year period pursuant to this Section.

(b)If, at the expiration of the five

(5)year period authorized pursuant to this Article, there are still unclaimed authorized tax credits, 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 based on future improvement plans and demand in this location.

(d)Construction and professional services, equipment and materials shall be competitively procured.