Tinian Dynasty Hotel & Casino is asking the government to give it tax relief under the law mandating the retroactive implementation of the Investment Incentive Act of 2000, according to a Commonwealth Development Authority official.
Tinian Dynasty wants to get a qualifying certificate under Public Law 12-80 which allows tourism-related businesses to be granted tax relief, CDA Executive Director Maria Lourdes S. Ada said.
Ada said a public hearing for Dynasty’s application had been scheduled for April 24 on Tinian.
“The public hearing will get input from the community and Tinian Dynasty as well on why the government should grant its request for a qualifying certificate,” she said.
Dynasty has over 400 hotel rooms, a huge swimming pool and a garden as well as a casino open 24 hours a day.
Tinian is the only CNMI island where casino gambling is legal.
The Investment Incentive Act of 2000, or Public Law 12-32, authorizes the granting of tax rebates or abatements of up to 100 percent for a period of up to 25 years to qualified investors.
Under the law, the governor, upon the recommendation of CDA, will issue a qualifying certificate to qualified investors.
P.L. 12-8 allows the three years retroactive implementation of the government’s tax incentive program for qualified businesses.
The law was passed to stimulate economic growth and development in the tourism-based economy of the Northern Marianas.
The law aims to benefit investors involved in the following activities: franchise restaurants, water parks, aquariums, cultural centers, theme parks, resort hotels and condominiums, golf courses, convention centers and dinner theaters.
