Bill
B 88-38
Overview: Bill B 88-38, "AN ACT TO REPEAL AND REENACT CHAPTER 25 OF TITLE 16, GUAM CODE ANNOTATED, RELATIVE TO ASSESSING THE TAXATION OF VEHICLE TITLE TRANSFERS ON THE BILL OF SALE
Overview: Bill B 88-38, "AN ACT TO REPEAL AND REENACT CHAPTER 25 OF TITLE 16, GUAM CODE ANNOTATED, RELATIVE TO ASSESSING THE TAXATION OF VEHICLE TITLE TRANSFERS ON THE BILL OF SALE ONLY AND STREAMLINING VEHICLE OWNERSHIP TRANSFERS."
Purpose and Intent: The main purpose of this bill is to simplify the process of transferring vehicle ownership on Guam by assessing the vehicle title transfer tax solely based on the bill of sale, rather than the vehicle's assessed value. This is intended to make the ownership transfer process more efficient and reduce administrative burdens.
Key Provisions:
- Repeals and reenacts Chapter 25 of Title 16, Guam Code Annotated
- Requires the vehicle title transfer tax to be assessed based only on the bill of sale amount, rather than the vehicle's assessed value
- Streamlines the vehicle ownership transfer process by eliminating the need to determine the vehicle's assessed value
Affected Parties and Impacts:
- Vehicle owners transferring ownership will benefit from a simpler and more efficient process
- The Department of Revenue and Taxation will have reduced administrative responsibilities in processing vehicle title transfers
Procedural and Timeline Considerations:
- The bill has been introduced in the 38th Guam Legislature
- If passed, the new vehicle title transfer process would go into effect immediately upon enactment
Compiled from official sources — confirm details with the bill’s official record.
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