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Certain small businesses on Guam could benefit from limited business privilege tax exemptions through a measure which saw broad support during the latest legislative session, but lawmakers are still hesitant about the reduction in revenues that could result.
On Monday, Lawmakers went into committee to discuss Sen. Joe San Agustin s Bill 74, which would permanently exempt business privilege taxes beyond 3% to on the first $250,000 earned annually by small businesses. The exemption applies to businesses that earned between $50,000 and $500,000 in gross annual income in the most recent tax year.
With Guam s BPT level at 5%, it would represent a 2% tax reduction on that first $250,000 in earnings. A temporary exemption was put in place by San Agustin and members of the 35th Guam legislature, but is set to expire in June 2022.
Adelup: Rescue Plan funds could build new GMH
By Steve Limtiaco
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The American Rescue Plan could allow the governor to set aside money to build a new hospital, said Bureau of Budget and Management Research Director Lester Carlson.
The administration last Friday received $553 million in American Rescue Plan funds, which is most of the $604 million Guam expects to receive for “Coronavirus State Fiscal Recovery.”
The governor can allocate the money to local projects, according to federal guidelines.
Gov. Lou Leon Guerrero has said she wants to set aside $300 million of Guam’s American Rescue Plan funding toward the cost of building a new government hospital to replace Guam Memorial Hospital. A new hospital is expected to cost more than $700 million, according to the U.S. Army Corps of Engineers.
Tyrone Taitano, longtime chief of staff for former Speaker Joe Taitano San Agustin, described his former boss as having a reputation for trust, honesty, integrity, and intelligence that was established long before his first election to the Guam Legislature.
“For those of us privileged to know who he was…” Taitano said, “his example looms so much larger any title or office he held.”
The state funeral for San Agustin, who served as a senator from 1977 to 1996 and as speaker in the 20th through 22nd Guam Legislatures, was held at the Guam Congress Building Wednesday.
The former speaker’s children, including current Sen. Joe S. San Agustin, escorted the casket, draped in the Guam flag, up the front steps of the building.
Government agencies, volunteers to clean the island Saturday
The Guam Earth Month islandwide beautification cleanup starts at 6:30 a.m. Saturday.
Residents who want to participate in one of the organized site cleanups and who aren t already connected with one the participating groups, are asked to call the governor’s office at 473-1162 for locations and contact information.
If you don’t call in advance, you still can show up at a cleanup site, according to the governor’s office, and should find the person in charge of that site to receive supplies and instructions.
Volunteers will be provided with gloves and trash bags and are asked to bring their own facemasks, although some sites will have masks for volunteers who don’t have one.