PUBLIC LAW 107-212—AUG. 21, 2002 116 STAT. 1051 Public Law 107-212 107th Congress An Act To provide for the determination of withholding tax rates under the Guam income tax. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the "Guam Foreign Investment Equity Act". SEC. 2. AMENDMENT TO THE ORGANIC ACT OF GUAM. (a) IN GENERAL. —Subsection (d) of section 31 of the Organic Act of Guam (48 U.S.C. 1421i) is amended by adding at the end the following new paragraph: "(3) In applying as the Guam Territorial income tax the incometax laws in force in Guam pursuant to subsection (a) of this section, the rate of tax under sections 871, 881, 884, 1441, 1442, 1443, 1445, and 1446 of the Internal Revenue Code of 1986 on any item of income from sources within Guam shall be the same as the rate which would apply with respect to such item were Guam treated as part of the United States for purposes of the treaty obligations of the United States. The preceding sentence shall not apply to determine the rate of tax on any item of income received from a Guam payor if, for any taxable year, the taxes of the Guam payor were rebated under Guam law. For purposes of this subsection, the term 'Guam payor' means the person from whom the item of income would be deemed to be received for purposes of claiming treaty benefits were Guam treated as part of the United States.". (b) EFFECTIVE DATE.— The amendment made by subsection (a) shall apply to amounts paid after the date of the enactment of the Act. Aug. 21, 2002 [H.R. 309] Guam Foreign Investment Equity Act. 48 USC 1421 note. AppHcability. 48 USC 142 li note. Approved August 21, 2002. LEGISLATIVE HISTORY—H.R. 309: HOUSE REPORTS: No. 107-48 (Comm. on Resources). SENATE REPORTS: No. 107-173 (Comm. on Energy and Natural Resources). CONGRESSIONAL RECORD: Vol. 147 (2001): May 1, considered and passed House. Vol. 148 (2002): Aug. 1, considered and passed Senate.
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