Qualifications

(a)To qualify for any tax exemptions or benefits provided for in this Chapter, the Beneficiary must be a resident business enterprise. AResident business enterprise,@ as used in this Subsection, means a business concern which is all of the following:

(i)at least seventy-five percent (75%) owned by one

(1)or more bona fide residents of Guam, or in the case of a publicly owned business, at least seventy-five percent (75%) of the stock of which is owned by one

(1)or more bona fide residents of Guam;

(ii)managed by, and the daily business operations are controlled by, one

(1)or more bona fide residents of Guam;

(iii)a domestic corporation with its home office located on Guam;

(iv)a bona fide resident of Guam for the purposes of this COL 041309 CH. 80 COMMUTER AIR SERVICES DEVELOPMENT Chapter is anyone who has been domicile on Guam for at least ten

(10)consecutive years; and

(v)must be an entity licensed to do business on Guam for at least five

(5)years and in good financial standing certified by the Department of Revenue and Taxation.

(b)Notwithstanding any other provision of law, all tax exemptions and benefits under this Chapter shall be immediately revoked if the Beneficiary fails to comply with any of the conditions and qualifications set forth in this Chapter. If benefits and tax exemptions are revoked pursuant to this Section, all entitlements to tax rebates or tax abatements shall be immediately forfeited. In addition, the Beneficiary shall be mandated to reimburse the government of Guam for all benefits received while such Beneficiary was found to be in non-compliance, regardless of whether or not a certificate of compliance was issued pursuant to this Chapter. ---------- COL 041309