DEPARTMENT OF REVENUE AND TAXATION GOVERNMENT OF GUAM by gjz16706

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									   DEPARTMENT OF
REVENUE AND TAXATION
   GOVERNMENT OF GUAM




    March 14, 2007
  ACKNOWLEDGEMENT


 The following Report was
   prepared by the fine,
   hardworking men and
women of the Department of
  Revenue and Taxation
PERSONNEL
              OUTLINE

General Fund Revenue Data
Business Privilege Tax
Title 11, Chapter 26, Guam Code Annotated

GRT Exemptions
By Fiscal Year and Business Activity

GEDCA Credits
Income Tax, Gross Receipts and Real Property

               Department of Revenue and Taxation
GENERAL FUND REVENUE DATA

 Income Tax
 Refunds
 Gross Receipts Tax
 Federal Sources
 General Fund Total




               Department of Revenue and Taxation
                                     INCOME TAX
                           General Fund Revenue Data


                                                            INDIVIDUAL

$50,000,000



$40,000,000



$30,000,000
              44,889,255




                             42,359,470




                                               42,100,903




                                                                                                                 40,199,398
                                                                                                    36,822,764
                                                                          33,882,201
                                                             33,139,855




                                                                                       32,430,889
$20,000,000



$10,000,000



        $0
              '99            '00               '01           '02          '03          '04          '05          '06

                                          Department of Revenue and Taxation
                 INCOME TAX
                        Tax Changes

1998
  Child Tax Credit on $400 for each qualifying child introduced.
  Additional child tax credit can be claimed if you have three or more
qualifying children.
  Education Credits
     1. Hope Credit – up to $1,500 for each eligible student for qualified
  tuition and related expenses paid after June 30, 1998. 1st 2 years of
  postsecondary school.
    2. Lifetime Learning Credit - $1,000 for all students.
   Student Loans – payments due and paid on a qualified student loan after
1997 – allowed to deduct interest paid for the first 60 months that interest
payments are required as an adjustment to income – do not need to
itemize.
  Capital Gains – Elimination of 18-month holding period for lowest capital
gains rates. Beginning in 1998, you no longer have to hold property for
more than 18 months to be eligible for the lowest capital gains rates. You
only have to hold property more than 1 year to be eligible for the 10% and
20% rate.
                      Department of Revenue and Taxation
                  INCOME TAX
             Tax Changes (continued)

1999
  Child Tax Credit Increased – from $400 to $500

2001
  Income Tax Rates Reduced
    15% tax rate is reduced to 10%
    28% tax rate is reduced to 27.5%
    31% tax rate is reduced to 30.5%
    36% tax rate is reduced to 35.5%
    39.6% tax rate is reduced to 39.1%

  Child Tax Credit Increased – from $500 to $600
  Additional Child Tax Credit expanded – includes taxpayers with fewer
than three qualifying children

2002
   Tax Benefits when selling your home – New rules apply to excluding gain
from the sale of your home
                      Department of Revenue and Taxation
                    INCOME TAX
               Tax Changes (continued)

2003
  Tax Rate Changes
     1. The 10% tax rate bracket for most filing statuses is expanded
    2. The 15% tax rate bracket for married taxpayers filing jointly and qualifying
  widow(er) is expanded
  Lower Maximum Tax Rates on New Capital Gain for sales and other dispositions of
property after May 5, 2003, the maximum tax rates on new capital gain have changed
as follows:
     20% and 10% tax rates have been lowered to 15% and 5% respectively
    8% tax rate for qualified 5-year gain has been eliminated and a new 5% applied to
  gain that would have qualified for the 8% rate
  Dividends Taxed at Capital Gain Rate – qualified dividends are subject to the 5% or
15% maximum tax rate that applied to net capital gain
  Child and Dependent Care Credit Increased
  Child Tax Credit – increased from $600 to $1,000 for each qualifying child
  Tax Benefits for Members of the Military – several tax benefits came into effect for
the members of the military due to the passage of the Miltiary Family Tax Relief Act of
2003
  Self-employed Health Insurance deduction – the deduction is increased from 70% to
100%
                       Department of Revenue and Taxation
                INCOME TAX
            Tax Changes (continued)

2004
  Tax Rate Changes
    1. Rates changed from:
        27% to 26%
        30% to 29%
        38.6% to 37.6%
        35% to 34%
  Tuition and Fees Deduction – increased from $3,000 to $4,000

2006
  Residential Energy Credits – 2 new credits can be claimed in 2006




                     Department of Revenue and Taxation
                                                              REFUNDS
    Individual Income Tax Returns – Average per Taxpayer


                                              1040, 1040A, 1040EZ and 1040X
                                                                                TY1993-2005
$3,000

$2,500

$2,000

$1,500




                                                                                                                                                                                                    2,650
$1,000
                                                                            1,683




                                                                                                                                        1,498




                                                                                                                                                                      1,351


                                                                                                                                                                                     1,307
                                                                                                                                                       1,271
                                                                                                                         1,195
                                                                                                          1,190
                                                                                           1,102
                         1,082




 $500
            960




                                                                  949
                                                     915
                                        897




   $0
                                                                        A
        3


                     4


                                    5


                                                 6


                                                              7




                                                                                       8


                                                                                                      9


                                                                                                                     0


                                                                                                                                    1


                                                                                                                                                   2


                                                                                                                                                                  3


                                                                                                                                                                                 4


                                                                                                                                                                                                5
     '9


                  '9


                                 '9


                                              '9


                                                           '9




                                                                                    '9


                                                                                                   '9


                                                                                                                  '0


                                                                                                                                 '0


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                                                                                                                                                                              '0


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                                                            '9




                                                             Department of Revenue and Taxation
                           INCOME TAX CREDITS

Credit                            FY98        FY99            FY00        FY01         FY02         FY03         FY04         FY05         Total
Adoption Credit                  20,259      15,876          40,754      23,680       47,142       40,988       39,275       22,528      250,502
Child Tax Credit               11,917,935   14,075,216     13,535,453   14,042,490   7,051,515    17,627,252   16,963,263   7,411,946   102,625,069
Credit for Child/Dependent Care 1,151,639    938,478        864,491      833,177      726,037      826,416      777,536     312,923      6,430,698
Credit for Elderly              212,552      197,734        165,837      113,287      85,173       77,619       73,536       15,208      940,948
Dependent Eligibility            41,773      41,194          40,844      40,956       38,355       37,664       37,397       18,381      296,564
Education Credit                1,348,877   1,711,026       1,562,977      N/A        895,116     1,475,665    1,472,179    520,405      8,986,246
Foreign Tax Credit              1,589,427   1,862,103       2,171,316   1,259,525    1,237,235    1,306,079    1,332,287     1,357      10,759,328
Rate Reduction Credit               0           0              0        13,176,396       0            0            0           0        13,176,396
Retirement Contribution             0           0              0            0         92,063       338,073      410,860     238,098      1,079,094
Total                          16,282,462   18,841,627     18,381,672   29,489,512   10,172,636   21,729,756   21,106,333   8,540,845   144,544,844

                                                         Department of Revenue and Taxation
                                     INCOME TAX
                           General Fund Revenue Data


                                                            CORPORATION

$80,000,000




$60,000,000
                             75,743,257




$40,000,000




                                                                                                                  57,809,721
              55,279,172




                                               51,172,212




                                                                                                     46,869,806
                                                                           44,439,743




                                                                                        44,455,397
                                                              40,421,246

$20,000,000




        $0
              '99            '00               '01            '02          '03          '04          '05          '06

                                          Department of Revenue and Taxation
                                   INCOME TAX
                             General Fund Revenue Data


               WITHHOLDING, INTEREST AND PENALTY

$240,000,000




$180,000,000
               215,415,283




                                213,591,851




                                                    203,052,678

$120,000,000




                                                                                178,634,270




                                                                                                            169,237,417




                                                                                                                          164,515,322
                                                                                              160,031,849
                                                                  156,484,859
 $60,000,000




         $0
               '99              '00                 '01           '02           '03           '04           '05           '06

                                              Department of Revenue and Taxation
                                     INCOME TAX
                           General Fund Revenue Data


                                     PROVISIONS FOR REFUNDS

$75,000,000




$50,000,000




                                                                                      72,000,000




                                                                                                                72,000,000
                                                                         71,019,105




                                                                                                   71,049,000
                                                            70,728,080
              65,205,816




                             60,653,460




                                               55,000,000




$25,000,000




        $0
              '99            '00               '01          '02          '03          '04          '05          '06

                                          Department of Revenue and Taxation
                                   INCOME TAX
                             General Fund Revenue Data


                                                 TOTAL INCOME TAX

$300,000,000


$250,000,000


$200,000,000
                                271,041,118
               250,377,894




                                                    241,325,793

$150,000,000




                                                                                                                          190,524,441
                                                                                185,937,109




                                                                                                            181,880,987
                                                                                              164,918,135
$100,000,000                                                      159,317,880


 $50,000,000


         $0
               '99              '00                 '01           '02           '03           '04           '05           '06

                                              Department of Revenue and Taxation
           TOTAL GROSS RECEIPTS
                             General Fund Revenue Data


                                              TOTAL GROSS RECEIPTS

$160,000,000




$120,000,000




                                                                                                                          154,186,164
                                                                                                            150,649,340
               148,963,676




                                                    147,514,689
                                146,488,598




                                                                                              139,598,012
                                                                                128,287,229
 $80,000,000


                                                                  119,321,110
 $40,000,000




         $0
               '99              '00                 '01           '02           '03           '04           '05           '06

                                              Department of Revenue and Taxation
                           FEDERAL SOURCES
                           General Fund Revenue Data


                                              FEDERAL SOURCES

$64,000,000

$56,000,000

$48,000,000

$40,000,000




                                                                                                   62,287,511
              58,492,664




                                                                                                                58,519,231
                             52,984,076




                                                            53,292,443
$32,000,000




                                                                         50,106,048
                                               49,108,451




                                                                                      44,474,405
$24,000,000

$16,000,000

 $8,000,000

        $0
              '99            '00               '01          '02          '03          '04          '05          '06

                                          Department of Revenue and Taxation
               GENERAL FUND TOTAL
                              General Fund Revenue Data


                                               GENERAL FUND TOTAL

$480,000,000


$400,000,000


$320,000,000
                                 478,184,177
                469,387,824




                                                     446,198,376




                                                                                                                           410,365,861
                                                                                                             401,566,633
$240,000,000




                                                                                               355,606,944
                                                                                 345,669,074
$160,000,000                                                       337,583,640


 $80,000,000


         $0
                '99              '00                 '01           '02           '03           '04           '05           '06

                                               Department of Revenue and Taxation
BUSINESS PRIVILEGE TAX


The Privilege of doing Business on Guam
Title 11, Guam Code Annotated
  Chapter 22… Annual Excise and Admission Taxes
  Chapter 26… Business Privilege Tax Law
    Subsection 26201. Levy. There is hereby levied and shall be assessed
 and collected monthly privilege taxes against the persons on account of
 their businesses and other activities in Guam measured by the
 application of rates against values, gross proceeds of sales or gross
 income, as the case may be.

  Chapter 28… Use Tax Law
  Chapter 30… Monthly Excise Tax on Occupancy of
Hotel and Similar Lodging House Facilities
                   Department of Revenue and Taxation
      BUSINESS PRIVILEGE TAX
                   Listing of Exemptions

Public Law No.   Signed Into Law       Title and Description

      24-12          21 Mar 97         DAVE SANTOS SMALL BUSINESS ENHANCEMENT ACT.
                                       Relative to simplifying the filing of Gross Receipts Tax
                                       returns, penalizing taxpayers for failing to supply their
                                       identification number, reforming the Guam Gross Receipts
                                       Tax by increasing the exemption of twelve hundred ($1,200)
                                       to the first fifty thousand ($50,000) of Annual Rental Income,
                                       and exempting the first fifty thousand dollars ($50,000) of
                                       Gross Annual Income received from retailing, services and
                                       other rental activities; Relative to simplifying the filing of
                                       Use Tax Returns, and penalizing Taxpayers for failing to
                                       supply their identification number.

     24-14:5         21 Mar 97         COLLECTION OF USE TAXES.
                                       The Guam Customs and Quarantine Agency shall collect the
                                       use tax mandated by this chapter on behalf of the
                                       Department of Revenue and Taxation.

      24-17           2 May 97         DEPARTMENT OF EDUCATION.
                                        To create the school operations fund and earmark a portion
                                       of gross receipts tax to that fund. Also to establish
                                       independent funding sources for Guam‟s public school
                                       systems.

      24-34          21 May 97         LATE DEPOSIT PENALTY.
                                       Relative to penalty provisions      for   gross   receipts   tax
                                       payments.




                         Department of Revenue and Taxation
      BUSINESS PRIVILEGE TAX
              Listing of Exemptions (continued)

Public Law No.    Signed Into Law       Title and Description

     24-156           19 Apr 98         50% EXEMPTION ON RETAIL SALES OF LOCAL PRODUCE.
                                        Relative to providing a gross receipts tax exemption for the
                                        retail sale of local produce.

     24-205            8 May 98         LIQUID FUEL TAX (MAJOR CHANGES).
                                        Relative to taxing liquid fuel and automotive surcharges.

     24-226           10 Aug 98         ADDITIONAL EXEMPTIONS TO THE DAVE SANTOS ACT.
                                        Relative to extending the gross receipts tax exemption
                                        benefits of the DAVE SANTOS SMALL BUSINESS ACT to
                                        small business that receive taxable commission income and
                                        licensed insurance companies who receive insurance
                                        premium income.

     24-253           14 Aug 98         AMENDMENT TO TAXING INSURERS.
                                        Relative to the taxing of gross income received as premium
                                        for the writing of insurance.




                          Department of Revenue and Taxation
      BUSINESS PRIVILEGE TAX
              Listing of Exemptions (continued)

Public Law No.    Signed Into Law       Title and Description

     24-295           21 Oct 98         ADDITION OF TAX INCENTIVES TO LOCAL BUSINESSES TO
                                        MAINTAIN THE MILITARY‟S WATER AND WASTE WATER
                                        DISTRIBUTION SYSTEMS AND TO CREATE THE “GUAM-U.S.
                                        MILITARY ADVANCEMENT („GUMA‟) COMMISSION”.
                                        Any amounts received by small business concerns as a BOS
                                        Contractor, or subcontractors of the BOS contractor and any
                                        amounts received by a private water contractor having a
                                        joint operating agreement with the Guam Waterworks
                                        Authority to operate a community-wide water production
                                        and distribution system, or a wastewater disposal system,
                                        or both such systems.

      25-89           23 Nov 99         AMENDED DEPOSIT DATE THE 15th TO THE 20th .
                                        Relative to date of deposit of gross receipts taxes.

      25-41            8 Jun 99         USE TAX EXEMPTION FOR PASSENGER LUGGAGE.
                                        Relative to exempting the use tax on all passenger luggage
                                        while traveling.

     25-104           24 Mar 00         AMENDED THE CIGAR TAX.
                                        Equalizing the tobacco tax on cigar to a level comparable to
                                        the forms of tobacco.




                          Department of Revenue and Taxation
      BUSINESS PRIVILEGE TAX
              Listing of Exemptions (continued)

Public Law No.    Signed Into Law      Title and Description

     25-117           24 Mar 00        AMENDMENT TO TAXING TOUR AGENCIES TRAVEL
                                       AGENCIES AND PROVIDERS.
                                       Relative to allowing gross income between a travel agency
                                       or tour packager and the provider of tourism related
                                       services or transient accommodations, and to impose GRT
                                       upon each entity‟s proceeds.

     26-149           27 Sep 02        TAX ON CONTRACTORS (DEDUCTION ON
                                       SUBCONTRACTORS).
                                       There shall be levied, assessed and collected a tax rate of
                                       four percent (4%) measured against the gross income of any
                                       contractor; provided, that there shall be deducted from the
                                       gross income of the taxpayer on another taxpayer who is a
                                       contractor.

      27-05           28 Feb 03        REVENUE ENHANCEMENTS.
                                       Increase in Gross Receipts Tax Rates from four percent (4%)
                                       to six percent (6%).     Reduction of Gross Receipts Tax
                                       Exemptions from Fifty Thousand Dollars ($50,000) to Thirty-
                                       Five Thousand Dollars ($35,000). Use Tax Amendment from
                                       four percent (4%) to six percent (6%). Increase in the “Sin”
                                       tax on Excise Tax on Alcoholic Beverages and Tobacco Tax
                                       Rates.




                         Department of Revenue and Taxation
      BUSINESS PRIVILEGE TAX
              Listing of Exemptions (continued)

Public Law No.    Signed Into Law      Title and Description

      27-23            7 Jul 03        EXEMPTION TO THE INCREASE IN GRT (CONTRACTS PRIOR
                                       TO FEBRURARY 28, 2003).
                                       To exempt from the application of the increase in the GRT
                                       any and all income generated from contracts based upon bid
                                       awards prior to February 28, 2003, and contracts awarded
                                       after February 28, 2003, which were based upon bids or
                                       proposals made prior to February 28, 2003, that cannot be
                                       amended or renegotiated to accommodate the increase in
                                       GRT.

      27-41           13 Nov 03        VISIBLE GRT.
                                       Option to show to each customer the amount that will be
                                       transmitted to the Government of Guam as a result of the
                                       customer‟s transaction and to exclude GRT Reimbursement
                                       collected from the measurable of taxable gross receipts.

      27-76           10 Mar 04        ROLLBACK OF GRT FROM 6% TO 4%.
                                       Amend the six percent (6%) GRT tax rate back to four
                                       percent (4%). Amend the Gross Receipts Tax Exemptions of
                                       Thirty-Five Thousand Dollars ($35,000) back to Fifty
                                       Thousand Dollars ($50,000). File monthly returns. Repeal of
                                       Deposit requirement for Gross Receipts Taxes. Repeal of
                                       Late Deposit penalty. Use Tax Amendment of six percent .




                         Department of Revenue and Taxation
      BUSINESS PRIVILEGE TAX
              Listing of Exemptions (continued)

Public Law No.    Signed Into Law       Title and Description

     28-106           24 Sep 02         DOUBLE TAXATION OF CONTRACTORS.
                                        Exempt the money paid to architects, engineers and land
                                        surveyors from multiple payment of the gross receipts tax.
                                        Identifies the contractors who are and should have been
                                        entitled to the exemption under Section 26202 (e) and does
                                        not intend to create a new class of exemptions to the gross
                                         receipts tax.

     28-142           18 Jul 06         TELECOMUNICATION EXEMPTION FOR WHOLESALE AND
                                        OFF-ISLAND SALES. Exempting the Wholesale of
                                        Telecommunication Services and Off-Island Sales from
                                        Gross Receipts Taxes.

     28-144            4 Aug 06         TAX CREDIT FOR APPRENTICESHIP PROGRAM
                                        PARTICIPANTS. Any business that employs apprentices duly
                                        enrolled and registered under the terms of the program is
                                        entitled to a tax credit against the gross receipts tax
                                        liability equal to fifty percent (50%) of the Eligible training
                                        costs paid or incurred by the business.




                          Department of Revenue and Taxation
GROSS RECEIPTS EXEMPTION &
   GROSS REVENUE LOSS


     By Business Activity & By Fiscal Year


Wholesale, Retail, Service, Rental Real Property, Rental
  Others, Profession, Commission, Insurance Premium,
     Contracting (Local), Contracting (US), Interest,
                    Amusement, Others


                   FY1998 – FY2006



                  Department of Revenue and Taxation
             GROSS RECEIPTS EXEMPTION

Activity                 FY98          FY99          FY00          FY01          FY02          FY03          FY04          FY05          FY06          Total
Wholesale             509,237,943   411,823,667   448,363,171   464,085,984   403,767,451   443,183,036   357,314,358   254,180,314   214,600,621 3,506,556,545
Retail                142,051,018   132,158,999   158,866,145   143,638,080   107,518,272   121,431,740   100,655,693   83,192,743    92,113,464 1,081,626,154
Service               50,140,688    51,694,818    53,206,877    53,361,650    63,068,818    75,546,329    61,151,259    64,426,171    47,579,364    520,175,975
Rental Real Property 29,793,528     33,494,830    30,286,822    27,649,439    27,925,189    25,406,761    43,976,455    59,307,013    44,538,921    322,378,956
Rental Others          5,968,807     5,966,357     5,380,672     5,228,908     5,798,557     6,292,532     7,879,229     8,979,528     6,718,261    58,212,852
Profession             4,023,719     3,398,892     4,869,879     4,852,311     4,800,721     4,165,416     4,037,379     3,857,618     3,035,004    37,040,939
Commission             1,449,305     8,986,215     8,979,367     6,141,639     4,683,297     4,582,027     7,960,483     9,706,148     6,551,178    59,039,658
Insurance Premium     10,513,983    50,138,304    29,573,001    35,935,925     2,094,952     3,852,948    14,192,193     7,493,270    13,492,179    167,286,755
Contracting (Local)   10,765,243     6,092,673     6,187,909     2,263,735     1,478,271    71,036,352    37,770,357     8,568,575     8,918,628    153,081,743
Contracting (US)       222,019           0             0          8,517            0             0             0             0            0          230,536
Interest               224,727       644,294       272,078       432,175        17,852         549          2,977         1,969         20,085       1,616,706
Amusement               67,706       124,031       221,612        15,361           0             0             0             0            0          428,710
Others                34,845,717     9,650,959    13,090,073     9,153,772     9,484,984     7,752,628     7,127,822     3,596,536     3,988,902    98,691,394
Total                 799,304,403   714,174,039   759,297,604   752,767,494   630,638,364   763,250,320   642,068,205   503,309,886   441,556,608 6,006,366,924

                                                            Department of Revenue and Taxation
                                 GROSS REVENUE LOSS

Activity                     FY98            FY99             FY00             FY01              FY02         FY03 1       FY04 2       FY05         FY06          Total
Wholesale                 20,369,518       16,472,947      17,934,527       18,563,439         16,150,698   22,159,152   17,865,718   10,167,213   8,584,025    148,267,236
Retail                     5,682,041       5,286,360        6,354,646       5,745,523          4,300,731    6,071,587    5,032,785    3,327,710    3,684,539    45,485,921
Service                    2,005,628       2,067,793        2,128,275       2,134,466          2,522,753    3,777,316    3,057,563    2,577,047    1,903,175    22,174,015
Rental Real Property       1,191,741       1,339,793        1,211,473       1,105,978          1,117,008    1,270,338    2,198,823    2,372,281    1,781,557    13,588,990
Rental Others              238,752          238,654          215,227         209,156            231,942      314,627      393,961      359,181      268,730      2,470,232
Profession                 160,949          135,956          194,795         194,092            192,029      208,271      201,869      154,305      121,400      1,563,666
Commission                  57,972          359,449          359,175         245,666            187,332      229,101      398,024      388,246      262,047      2,487,011
Insurance Premium          420,559         2,005,532        1,182,920       1,437,437           83,798       192,647      709,610      299,731      539,687      6,871,922
Contracting (Local)        430,610          243,707          247,516          90,549            59,131      3,551,818    1,888,518     342,743      356,745      7,211,337
Contracting (US)             8,881             0                0              341                 0            0            0            0            0          9,221
Interest                     8,989           25,772          10,883           17,287              714          27           149          79           803         64,703
Amusement                    2,708           4,961            8,864            614                 0            0            0            0            0          17,148
Others                     1,393,829        386,038          523,603         366,151            379,399      387,631      356,391      143,861      159,556      4,096,460
Total                     31,972,176       28,566,962      30,371,904       30,110,700         25,225,535   38,162,516   32,103,410   20,132,395   17,662,264   254,307,862

1
    FY03 Losses reflect a 4% Rate from Oct-02 to Mar-03 and a 6% Rate from Apr-03 to Sep-03.
2
    FY04 Losses reflect a 6% Rate from Oct-03 to Mar-04 and a 4% Rate from Apr-04 to Sep-04.

                                                                      Department of Revenue and Taxation
   GEDCA CREDITS

INCOME TAX
 HOTELS
 OTHERS
 INSURANCE COMPANIES

GROSS RECEIPTS
 INSURANCE COMPANIES
 PASEO STADIUM PROJECT
 GUAM RACEWAY PROJECT

REAL PROPERTY ABATEMENTS
          Department of Revenue and Taxation
                                         GEDCA CREDITS
                                                          Income Tax


Credit                 FY81       FY82        FY83        FY84        FY85         FY86        FY87        FY88        FY89        FY90        FY91        FY92
Hotels                86,923        0       1,368,368    721,454     205,315         0       1,048,570   1,566,348   2,934,575   3,875,221   4,828,526   2,596,933
Others                   0          0           0           0           0         38,116      630,812     290,086     153,752     725,905    1,852,699   1,772,800
Insurance Companies      0          0           0           0           0            0           0           0           0           0           0           0
Total                 86,923       0        1,368,368    721,454     205,315      38,116     1,679,382   1,856,434   3,088,327   4,601,126   6,681,225   4,369,733

Credit                  FY93      FY94        FY95         FY96        FY97         FY98       FY99        FY00        FY01        FY02       FY03        FY04
Hotels                 64,122       0       1,678,107    2,544,277    799,609    1,280,094   1,028,037    271,217    113,840         0          0           0
Others                751,282   1,984,862   1,804,351    2,347,810   1,338,475    785,716    1,650,225     5,370      10,533      21,066        0        216,506
Insurance Companies       0         0           0            0           0         23,387    2,068,199   1,364,767   708,444     239,670     170,469        0
Total                 815,404   1,984,862   3,482,458    4,892,087   2,138,084   2,089,197   4,746,461   1,641,354   832,817     260,736     170,469     216,506




                                                        Department of Revenue and Taxation
                                             GEDCA CREDITS
                                          Income Tax: FY81-FY04
                      $7
Millions of Dollars




                      $6



                      $5



                      $4



                      $3



                      $2



                      $1



                      $0
                           '81 '82 '83 '84 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04

                                                               Hotels   Others   Ins. Co.

                                                       Department of Revenue and Taxation
                                     GEDCA CREDITS
                                           GRT: Tax & Credits


Tax                      FY98       FY99        FY00        FY01        FY02        FY03        FY04        FY05       FY06        Total
Insurance Companies     692,178   2,182,088   2,422,768   3,411,602   1,140,612   2,127,453   2,184,007   4,742,420   3,562,140 22,465,267
Total                   692,178   2,182,088   2,422,768   3,411,602   1,140,612   2,127,453   2,184,007   4,742,420   3,562,140 22,465,267


Credit                   FY98       FY99        FY00        FY01        FY02        FY03        FY04        FY05       FY06        Total
Paseo Stadium Project     0          0           0           0           0           0           0        719,459     168,172     887,630
Guam Raceway Project      0          0        215,247     882,333     1,240,252   210,989      20,507        0           0       2,569,328
Total                     0          0        215,247     882,333     1,240,252   210,989      20,507        0           0       2,569,328




                                                 Department of Revenue and Taxation
                            GEDCA CREDITS
         Gross Receipts Tax - Insurance Companies

$6,000,000




$5,000,000




$4,000,000




$3,000,000


                                                                                                4,742,420

$2,000,000
                                               3,411,602                                                    3,562,140


                                   2,422,768
                       2,182,088                                        2,127,453   2,184,007
$1,000,000

                                                            1,140,612
             692,178

       $0
               '98       '99          '00         '01          '02         '03         '04         '05         '06
                                                        Insurance Companies

                                       Department of Revenue and Taxation
                         GEDCA CREDITS
                   Gross Receipts Tax - Credits
$1,250,000




$1,000,000




 $750,000
                                                                                  0

                                               1,240,252


 $500,000
                                     882,333

                                                                                719,459


 $250,000
                                                                                            0
                           215,247                         210,989
                                                                                          168,172

       $0    0       0       0         0           0         0       20,507
                                                                       0
             '98     '99     '00       '01         '02       '03       '04        '05       '06
                           Paseo Stadium Project    Guam Raceway Park Project

                              Department of Revenue and Taxation
                                     GEDCA CREDITS
  Real Property Tax Abatements: TY95-TY06

$1,800,000



$1,500,000



$1,200,000
             1,709,796




 $900,000
                                                            1,385,791
                         1,278,781




                                                1,262,707




 $600,000
                                     994,982




                                                                                                                                    592,593
                                                                                            555,845
                                                                        534,401




                                                                                                      499,810



                                                                                                                499,710


                                                                                                                          499,810
                                                                                  443,576
 $300,000



       $0

             '95         '96         '97        '98         '99         '00       '01       '02       '03       '04       '05       '06

                                               Department of Revenue and Taxation

								
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