Bill suspends tax credit laws, revokes tax credits - KUAM.com-KUAM News: On Air. Online. On Demand.

Bill suspends tax credit laws, revokes tax credits

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by Ken Quintanilla

Guam - Legislation has been introduced to suspend existing tax credit laws and revoke tax credits issued under the Tax Credit In Lieu of Cash Payment Program that was established in 1977.  The bill was introduced by Senator Michael San Nicolas and Vice Speaker BJ Cruz. Earlier this week the vice speaker expressed his concerns about tax credits being issued in lieu of payment for the Layon Landfill condemnation case.  DOA director Benita Manglona confirmed  tax credits were being issued to start making payments on the government's $31 million court ordered judgment to Layon landowners.  Every month the debt is not paid it accrues interest.

The 1977 law provides  tax credits to a landowner whose real property had been acquired by GovGuam when it cannot make cash payment due to the unavailability of funds.

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