CoreTech remains waiting for QC approval - KUAM.com-KUAM News: On Air. Online. On Demand.

CoreTech remains waiting for QC approval

Posted: Updated:

A prominent local company that's planning to launch a captive insurance business is still waiting on the Governor's approval of its qualifying certificate. But CoreTech International's bid for tax relief comes at a time when the administration is desperately seeking more tax revenue, and has placed a moratorium on existing QC's.

Governor Calvo issued the Executive order on February 27 saying, "the moratorium will remain until we know where we stand financially, and whether renewing the QCs will help or harm our island's economy."

Senator Dennis Rodriguez, who has pushed to eliminate insurance from the list of eligible QC's, says he's not familiar with the CoreTech application, but he expects that a fair assessment was done by GEDA, and that a level playing field is extended just as other captive insurance companies were afforded.

The program was launched 50 years ago and offers long-term corporate tax rebates to companies from certain industries to spur economic investment.

“With fire and police stations closing, and furloughs on the horizon, unless the financial situation we are in changes, I don’t foresee approving any qualifying certificates,” Governor Calvo said.

  • NEWS HEADLINESMore>>

  • GCC, telecoms spearhead STEM program at Tiyan High

    GCC, telecoms spearhead STEM program at Tiyan High

    It's an effort to teach tech skills to our island's youth to start up Silicon Village. The Guam Community College, joined by island business leaders in Telecommunications, and the Guam Chamber of Commerce, launched GCC's newest Career and Technical EducatMore >>
    It's an effort to teach tech skills to our island's youth to start up Silicon Village. The Guam Community College, joined by island business leaders in Telecommunications, and the Guam Chamber of Commerce, launched GCC's newest Career and Technical EducatMore >>
  • Elderly man accused of molesting teen

    Elderly man accused of molesting teen

    A 77-year-old is behind bars accused of molesting a teen girl known to him. Doroteo Quintanilla Castro is charged with three counts of fourth degree criminal sexual conduct as a misdemeanor. Court documents detail the alleged incidents of him exposing himMore >>
    A 77-year-old is behind bars accused of molesting a teen girl known to him. Doroteo Quintanilla Castro is charged with three counts of fourth degree criminal sexual conduct as a misdemeanor. Court documents detail the alleged incidents of him exposing himMore >>
  • Archbishop addresses nearly 200 clergy sex abuse lawsuits

    Archbishop addresses nearly 200 clergy sex abuse lawsuits

    "We bear responsibility. We are culpable" - these words from Guam's Archbishop Michael Byrnes in his Message to the People of Christ. Last week, parties in the nearly 200 clergy sexual abuse lawsuits participated in mediation talks, but did not reach a glMore >>
    "We bear responsibility. We are culpable" - these words from Guam's Archbishop Michael Byrnes in his Message to the People of Christ. Last week, parties in the nearly 200 clergy sexual abuse lawsuits participated in mediation talks, but did not reach a glMore >>
Powered by Frankly