(a) The total amount of credits against unpledged business privilege taxes for the rehabilitation and improvement of the Harmon Industrial Park Roadway authorized herein shall not exceed One Million Dollars ($1,000,000) over a five (5) year period. For the first (1st) year, which initiates on October 1, 2017, up to Seventy-five Thousand Dollars ($75,000) in tax credits shall be authorized. For years two (2), three (3), and four (4), which initiate on October 1, 2018, October 1, 2019, and October 1, 2020, respectively, no more than Two Hundred Fifty Thousand Dollars ($250,000) in tax credits shall be authorized for each year of the

COL 8/23/2023

12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 77 SPECIAL PROJECTS AND ACTIVITIES OF THE GUAM ECONOMIC DEVELOPMENT AUTHORITY

program. For the fifth (5th) and final year, which initiates on October 1, 2021, no more than One Hundred Seventy-five Thousand Dollars ($175,000) in tax credits shall be authorized.

(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 and equipment and materials shall be competitively procured.

SOURCE: Added by P.L. 33-191:2 (Dec. 13, 2016). Subsection (a) and
(b) amended by P.L. 34-010: 1 (June 7, 2017).