by Clynt Ridgell, KUAM NewsThursday, May 08, 2008 Subscribe to Clynt's newsfeed
Bill 271 was up for public input today. This piece of legislation would restore the ability of issuing promissory notes to creditors of the government, and a single businessman showed up to testify against the measure - Advanced Management president and CEO Monty McDowell. "Your bill is good in the sense that will allow once again the transferability of the promissory note, but it's severely lacking in the sense that it doesn't allow you to do anything with it," said McDowell to senators of the 29th Guam Legislature. "So I ask that you add back in that other caveat of the ability to pay the Gross Receipts Tax." McDowell added that creditors should also be able to use promissory notes to pay down other tax obligations like withholding tax for employees at direction of the governor or the director of the Guam Department of Revenue & Taxation.