COL12010611GCA FINANCE &TAXATION CH.38TAX CREDIT IN LIEU OF CASH PAYMENT 1CHAPTER 38 TAX CREDIT IN LIEU OF CASH PAYMENT § 38101. Acquisition of Privately Owned Lands. § 38102. Rules and Regulations. § 38101. Acquisition of Privately Owned lands. Notwith standing any law or rules and regulations to the contrary , when the gover nment of Guam ca nnot ma ke cash payment for the acquisition of privately -owned lands due to the unavail ability of funds or for other reasons, the owner of such real property acquired by the Government may elect to receive tax credits in lieu of cash on an y taxes, except income taxes, payable to the Government in an amount equiva lent to the cash compensation for the property . SOURCE: GC § 19900, as added by P .L14-69. § 38102. Rules and Regulations. The Director of Revenue and Taxation shall, pursuan t to the Administrative Adjudica tion Act, formulate rules and regulations to imple ment the provi sions of §38101. SOURCE: GC§ 19901, as added by P .L. 14 -69:1. ----------
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