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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.
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