Credits Against Excise Tax

(a)A business, to the extent that such business contributes to the cost of design, labor, and materials that are for the rehabilitation and improvement of the Harmon Industrial Park Roadway, as identified and approved by the Guam Economic Development Authority (GEDA), shall be entitled to credit of excise taxes, excluding those pledged to the Healthy Futures Fund. 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 Article shall not exceed the actual dollar amount of the expenditures on the project.