Public Law 107-212

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[107th Congress Public Law 212]
[From the U.S. Government Publishing Office]


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[DOCID: f:publ212.107]


[[Page 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. <<NOTE: Aug. 21, 2002 -  [H.R. 309]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in <<NOTE: Guam Foreign Investment Equity 
Act. 48 USC 1421 note.>> 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 income-tax 
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 <<NOTE: Applicability. 48 USC 1421i note.>> Date.--The 
amendment made by subsection (a) shall apply to amounts paid after the 
date of the enactment of the Act.

    Approved August 21, 2002.

LEGISLATIVE HISTORY--H.R. 309:
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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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