Guam - Senator Dennis Rodriguez Jr. has introduced legislation aimed at promoting economic development on Guam. Bill 205 would give shipping companies a tax credit in exchange for carrying Guam grown and manufactured agricultural products for export. The measure essentially establishes the Guam Export Tax Credit aimed at helping local growers and agri-businesses gain greater access to foreign markets.
According to the Rodriguez, who chairs the Committee on Economic Development, in order to receive the tax credit, shippers must offer discounted shipping rates to growers, producers, and manufacturers along with products that carry the Guam Product Seal.
The measure is in collaboration with GEDA and already has a public hearing set for this Thursday at 9am.