San Nicolas withdraws tax credit bill following concerns
Guam - Although a public hearing was originally set for today, Senator Michael San Nicolas has officially withdrawn his Bill 288 that would have suspended the issuance of tax credits. The measure was introduced in March and would have suspended tax credits expect for those already contractually obligated or offered under the Internal Revenue Code.
"We're going to be revisiting it because we want to make sure that all the different things that are going to be impacted by it are going to be reviewed more extensively the original bill was very broad stroked and we're realizing that there are other areas that we want to revisit and make sure we're going about it in the right direction so we want to look at it more closely," he said.
As we reported the bill was introduced following concern over the tax credits being issued in lieu of payment for the Layon landfill condemnation case.
The bill drew criticism from the administration who believed San Nicolas was throwing up a roadblock in the whole tax credit process. San Nicolas says the Administration's concerns along with the possible impacts the measure would have on individuals who apply for property tax credits raised red flags and weighed in on his decision to withdrawal. San Nicolas says while he will revisit the entire proposition, he's unsure if and when a revised bill will be introduced.