Manglona says most of the senators will not support the measure.
House Bill 17-50, which remains pending in the House Committee on Ways and Means, is sponsored by Speaker Froilan C. Tenorio, Covenant-Saipan.
The bill will amend the Northern Marianas Territorial Income Tax Law so that the 90 percent tax rebate of individual taxpayers is reduced by half or to 45 percent effective April 1, 2010 and then eliminated by Jan. 1, 2011.
The Senate rebate reduction version which is embodied in the austerity bill seeks to reduce the rebate by 10 percent effective 2011 through 2014.
“The Senate just cut the rebate by 10 percent why would they (House) not accept that?” asked Manglona, Ind.-Rota.
He believes that Tenorio’s bill will further dampen the already sluggish CNMI economy.
He said some foreign investors are enticed to do business in the CNMI because of its positive rebate program.
“His (Tenorio’s) bill is worse because he wants to terminate rebate permanently after Jan. 2011. Us, we just asked for just three years — from 2011 until 2014. It’s just a temporary suspension and then it reverts back to the original date,” he said.
“We’re cognizant of what this rebate would do on our people, especially the business community,” he added.
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