12 Guam Code Ann. § 50113
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Terms Used In 12 Guam Code Ann. § 50113
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) Title XLIX of the Government Code of Guam, known as the Guam Incentive Tax Act is hereby repealed in its entirety, provided however, that any tax incentives heretofore granted to any person, firm, partnership or corporation under the provisions of said Act shall continue to be respected and honored by the government of Guam as long as the beneficiary of such benefits complies with the terms and conditions appearing on the face of the certificate of tax exemption or tax subsidy issued to that beneficiary.
(b) Title XLVIII of the Government Code of Guam creating the Economic Incentive Commission is hereby repealed in its entirety.
SOURCE: GC § 53590.
2012 NOTE: In maintaining the general codification scheme of the GCA the Compiler changed the hierarchy of subsections beginning with “”Numbers”” to “”Lowercase Letters”” in this section.