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Guam - While senators continue in a special session, Bill 362 that passed during their last regular session was officially vetoed by Governor Eddie Calvo. The legislation proposed extending the deadline for real property tax exemptions. According to the Governor's veto message he wrote section 5 of the legislation is troubling because it seeks to reduce the current statute of limitations for the collection of tax liens from 30 years to ten without any consideration of the fiscal and equitable ramifications, both of which are substantial. The Governor went on to write that under current Guam law its mandated that all real property tax revenues be deposited into the Territorial Education Facilities Fund. If Bill 362 were to become law in its current form, then “literally overnight, 20years worth of real property tax receivables or about $22.5 million would be wiped off the books and become legally uncollectable.  You can read his veto message in its entirety the legislature's website.