Congressman Robert A. Underwood’s Guam Foreign Investment Equity Act, HR 309, will be one of only five bills to be considered by the House Resources Committee on March 28.<\/p>\n
The Guam Foreign Investment Equity Act, which was passed by the House in the 106th Congress, would allow foreign investors to be taxed in Guam at the same advantageous treaty-negotiated rate as the states. Guam\u2019s tax rate for foreign investment is currently fixed by law at 30 percent, while the 50 states enjoy lower rates as a result of US treaty agreements with foreign countries.<\/p>\n
“Obviously, if you\u2019re an investor looking to invest in the U.S., you\u2019re likely to bypass Guam in favor of an area with a lower tax rate,” Congressman Underwood said.<\/p>\n
“Seventy-five percent of the investment capital that comes into Guam is from foreign sources, but our fixed 30 percent rate remains a real drawback.”<\/p>\n
Congressman Underwood said the bill, if it becomes law, will level the field for Guam and provide a sorely needed incentive to help address Guam\u2019s economic problems.<\/p>\n
“More importantly, it will be of immediate as well as of long-term benefit to our economy,” he said.<\/p>\n
The Guam Chamber of Commerce, which continues to support the bill, is working on a resolution to submit to Resources Chairman Jim Hansen (R-Utah) and Ranking Member Nick Rahall (D-West Virginia). Speaker Antonio Unpingco has informed the Congressman that he also will send favorable testimony in behalf of the Guam Legislature.<\/p>\n","protected":false},"excerpt":{"rendered":"
Congressman Robert A. Underwood’s Guam Foreign Investment Equity Act, HR 309, will be one of only five bills to be considered by the House Resources Committee on March 28.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-56852","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/56852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=56852"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/56852\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=56852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=56852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=56852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}