THE Senate is inviting Matthew Deleon Guerrero, the chairman of the Fiscal Economic Diversification Committee of the Governor’s Council of Economic Advisors, to hear concerns about House Bill 22-70, which proposes tax incentives to investors.
Authored by House Minority Leader Angel A. Demapan, H.B. 22-70 aims to promote economic development by offering tax incentives to investors who will build, expand and operate projects in the CNMI.
In his letter to Deleon Guerrero, Senate President Jude U. Hofschneider said the Senate supports the general intent of the bill, but “it is essential that the concerns raised by the municipalities are heard and addressed to ensure economic sustainability for the Commonwealth as a whole.”
Hofschneider invited Deleon Guerrero to the joint meeting of the Senate, the Rota leadership and the Commonwealth Economic Development Authority board of directors and management on Nov. 17, at 1:30 p.m., at the Rota mayor’s conference hall.
Following its passage in the House of Representatives, H.B. 22-70 is now in the Senate, being reviewed by the upper chamber’s Committee on Resources, Economic Development & Programs.
According to Senate Floor Leader Vinnie F. Sablan, the panel “has solicited additional comments for the committee to consider,” and added that the Senate met with CEDA Executive Director Manny A. Sablan who “articulated the importance of the bill in order to market…the CNMI through economic incentives.”
The Senate floor leader said the bill may be amended to further “strengthen” it, “but we have had good discussions so far and are looking forward to its passage.”
Matthew Deleon Guerrero
