Bill seeks tax breaks for businesses that help build tennis courts | Guam News

Legislation has been introduced that proposes to give certain businesses tax breaks for contributing to the construction, development, upgrade, repair or maintenance of the Guam National Tennis Center.

Bill 327-36 was introduced July 18 by Sen. Joe S. San Agustin.

The center, located at the Dededo Sports Complex, currently has ten tennis courts used by adults and children, with five additional courts for adults under construction.

The measure’s author noted the local Guam National Tennis Federation is expanding the facility for its members and the public.

According to the bill, any business that contributes to the actual cost of the facilities will be entitled to credits toward the business privilege tax. Credits not used in the current tax period may be carried over into subsequent tax periods until credits are exhausted, and total credits allowed should not exceed the actual dollar amount of the expenditures on the project by the taxpayer.

Additionally, the credit against unpledged business privilege taxes should not exceed $600,000 over a three-year period, and no more than $200,000 in tax credits should be authorized for each year of the program.

The bill proposes that the Guam Economic Development Authority would implement and monitor the tax credit program.

Source link

Leave a Comment

Your email address will not be published. Required fields are marked *