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>>

  • Marines deliver presents for Toys-for-Tots mission

    Marines deliver presents for Toys-for-Tots mission

    A group of Marines helped unload over 3,000 toys at the Salvation Army in Tiyan, dropping generous donations for this year's Toys-for-Tots. First Lieutenant Bret Lazaroff says the Marine Corps collected a record amount of toys, with nearly 8,000 toys readMore >>
    A group of Marines helped unload over 3,000 toys at the Salvation Army in Tiyan, dropping generous donations for this year's Toys-for-Tots. First Lieutenant Bret Lazaroff says the Marine Corps collected a record amount of toys, with nearly 8,000 toys readMore >>
  • Volunteers wrap gifts for Sugar Plum Tree

    Volunteers wrap gifts for Sugar Plum Tree

    Santa got some extra helpers this weekend. Sugar Plum Tree's 34th Annual "Big Wrap" event was held at the Bank of Hawaii Hagatna branch. Executive Director Bobbie Leon Guerrero tells KUAM the turnout was fantastic, noting 250 volunteers arrived on Sunday,More >>
    Santa got some extra helpers this weekend. Sugar Plum Tree's 34th Annual "Big Wrap" event was held at the Bank of Hawaii Hagatna branch. Executive Director Bobbie Leon Guerrero tells KUAM the turnout was fantastic, noting 250 volunteers arrived on Sunday,More >>
  • DYA searching for cottage home client

    DYA searching for cottage home client

    A 17-year-old girl at the Department of Youth Affairs Cottage Home escaped custody during an outing at Matapang Beach in Tumon Sunday afternoon.The girl is described as being Chuukese, five feet tall, weighing 120 pounds with black hair, a dark brown comMore >>
    A 17-year-old girl at the Department of Youth Affairs Cottage Home escaped custody during an outing at Matapang Beach in Tumon Sunday afternoon.The girl is described as being Chuukese, five feet tall, weighing 120 pounds with black hair, a dark brown comMore >>
Powered by Frankly