GEDA responding to Morrison's southern development law
<span style="font-family: Arial, sans-serif; font-size: 12px; line-height: 13.8000001907349px;">The Guam Economic Development Authority is welcoming interested developers and contractors to take advantage of a decades-old law to help with development of homes in the southern part of the island. </span>
January 12, 2015Updated: January 12, 2015
By KUAM News
By KUAM News by Ken Quintanilla
Guam - The Guam Economic Development Authority is welcoming interested developers and contractors to take advantage of a decades-old law to help with development of homes in the southern part of the island. This comes just as Senator Tommy Morrison recently wrote to GEDA requesting for an update on a public law authored by then-senator Kaleo Moylan.
GEDA administrator John Rios said, "Public Law 25-124 has been in existence since 2000 and what it does is it provides tax rebates, for contractors and developers that plan to build down in the southern villages. We have not received any applications, but the law basically states these contractors will come into GEDA and apply for this, similar to a QC, so right now we have not received any applications for it."
Rios says the law provides a 50% tax rebate for corporate taxes and 50% rebate for income tax. To his knowledge, he does not believe GEDA has turned down any applications. Morrison states that previous data showed southern residents had to pay the brunt of construction costs by an additional 10% compared to the northern and central parts of Guam, because they lived too far from vendors.
Guam - The Guam Economic Development Authority is welcoming interested developers and contractors to take advantage of a decades-old law to help with development of homes in the southern part of the island. This comes just as Senator Tommy Morrison recently wrote to GEDA requesting for an update on a public law authored by then-senator Kaleo Moylan.
GEDA administrator John Rios said, "Public Law 25-124 has been in existence since 2000 and what it does is it provides tax rebates, for contractors and developers that plan to build down in the southern villages. We have not received any applications, but the law basically states these contractors will come into GEDA and apply for this, similar to a QC, so right now we have not received any applications for it."
Rios says the law provides a 50% tax rebate for corporate taxes and 50% rebate for income tax. To his knowledge, he does not believe GEDA has turned down any applications. Morrison states that previous data showed southern residents had to pay the brunt of construction costs by an additional 10% compared to the northern and central parts of Guam, because they lived too far from vendors.