Compared to the QC program, the economic stimulus investment program aims to provide three-year tax rebates to new investors who will infuse a minimum of $5 million investment into the islands.
H.B. 16-172, introduced by the committee chairman himself, Joseph C. Reyes, was placed on the calendar but was referred to the committee for further review.
Reyes, R-Saipan, said his legislation does not state if its beneficiaries can also apply for the tax breaks offered by the QC program.
“That has been the question and that’s why we put the floor discussion on hold and returned the bill to the committee,” he said.
He added that it is not his intention to allow businesses to benefit from two tax break programs.
“But that’s one gray area that the committee needs to clarify,” Reyes said.
He believes that the economy will recover by providing tax breaks and incentives to encourage more investments in the CNMI.
