Tax Credits and/or Exemptions for Donations

The Corporation may receive donations of money which shall be expended to carry out the purposes of this Chapter. Donors incurring a tax obligation to the government of Guam under the Business Privilege Tax (Article 2, Chapter 26 of Title 11 of the Guam Code Annotated) or an income tax obligation to the government of Guam under the Guam Territorial Income Tax Law, at the donors= option in lieu of the deduction provided for such a contribution by the Guam Territorial Income Tax Law, may receive a credit for the money donated; provided, however, that the credits shall not exceed ten percent (10%) of the donor=s total tax obligation to the government of Guam under Subchapters B and C of the Business Privilege Tax Law for the donor=s fiscal year in which the donation is made. If the amount of money donated exceeds the credit allowed against the taxes imposed under Subchapters B and C of the Business Privilege Tax Law (Chapter 26 of Title 11 of the Guam Code Annotated) for the donor=s fiscal year in which the donation is made, then the excess may be deducted with respect to the donor=s income tax obligations to the government of Guam under the Guam Territorial Tax Law, subject to the limitations imposed generally with respect to deductions for such contributions. In order to receive the credit authorized by this Section, the donor must claim the credit in a manner established by the Department of Revenue and Taxation, not later than ninety

(90)days following the end of the donor=s fiscal year in which the donation was made.