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2019 Guam Statutes
Title 11 - Finance & Taxation
Division 2 - Taxes
Chapter 42 - Earned Income Program

Universal Citation: 11 Guam Code §§ 42101 - 42104 (2019)
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11 GCA FINANCE & TAXATION CH. 42 EARNED INCOME PROGRAM CHAPTER 42 EARNED INCOME PROGRAM SOURCE: Added by P.L. 24-061:4. § 42101. Definitions. § 42102. Department of Revenue and Taxation to implement an Earned Income Program. § 42103. Guam Earned Income Program to Mirror Federal Program. § 42104. Authorization to Spend. § 42101. Definitions. For purposes of this Chapter, those definitions in the Internal Revenue Code applicable to Earned Income Tax Credit are applicable to this Chapter to implement the Guam Earned Income program contained in this Chapter. § 42102. Department of Revenue and Taxation to Implement an Earned Income Program. For Fiscal Year 1998 and each year thereafter, the Department of Revenue and Taxation is authorized to institute an Earned Income program to mirror the program instituted by the federal government and known as the, Earned Income Tax Credit. § 42103. Guam Earned Income Program to Mirror Federal Program. The Federal Earned Income Tax Credit is a subsidy authorized in the states and offered to lower income workers as an incentive to better their economic conditions and enables them to remain within the work force. The Guam Earned Income program shall be instituted using the same income levels as are used in the Federal ‘Earned Income Tax Credit’ law to compute a subsidy which will be paid to residents of Guam who file Income Tax Returns to the Department of Revenue and Taxation. § 42104. Authorization to Spend. For Fiscal Year 1998 and each year thereafter, the Department of Revenue and Taxation is authorized on a continuing basis to spend funds from the Provisions of Refunds as set out in >Exhibit A= of Public Law Number 24-59 for Fiscal Years 1998 and 1999 in such amounts as are 1 COL120106 11 GCA FINANCE & TAXATION CH. 42 EARNED INCOME PROGRAM necessary to pay the Earned Income program subsidies under this Chapter. SOURCE: Added by P.L. 24-61:4. Amended by P.L. 25-03:IV:22. --------- 2 COL120106
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