TWO new companies, including the Hyatt Regency Hotel, have filed for tax relief under the government’s Investment Incentives Act.
The Hyatt, according to Commonwealth Development Authority, submitted its application for qualifying certificate last Thursday.
The Hyatt seeks 100 percent tax abatement in connection with its major renovation and remodeling project.
The Investment Incentive Act or P.L. 12-80 grants some tax incentives to tourist-related businesses that invested in the CNMI three years prior to 2000.
CDA said a new company, SEPC, which intends to locate on Rota, also applied for a QC.
SEPC is engaged in bottled water business.
“We’re leaving for Rota to conduct a hearing in connection with this application,” CDA Executive Director Marylou Ada said.
The Investment Act authorizes the granting of up to 100 percent tax rebates/abatement to certain businesses for a period of up to 25 years.
Earlier, CDA granted a new investor, SaipanCastle, a tax break for the next 25 years.
SaipanCastle became the first recipient of the qualifying certificate scheme since the law was enacted in 2000.
