San Agustin’s small business tax relief bill signed into law

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Sen. Joe S. San Agustin’s Bill 323-35 was signed into Public Law 35-90 by Governor Leon Guerrero on Friday, June 26, 2020.

Public Law 35-90 will provide limited exemptions for small businesses that make more than $50,000 and less than $250,000. These businesses may avail of the provision which waive the payment of Business Privilege Taxes. Businesses that make more than $250,000 but less than $500,000 will only remit tax payments at 3% to the Department of Revenue and Taxation.

“I am grateful for Gov. Leon Guerrero and my colleagues’ support and belief that we must work together in helping our businesses recover from the devastation brought on by this pandemic. It has not been easy for any of our island’s businesses, but we felt it was necessary to provide some form of assistance that we hope, would trickle to employers re-hiring their employees and reopening their doors to serve our island community,” Sen. San Agustin stated.

This provision is applicable to qualifying businesses retroactive to January 1, 2020 and expires on June 26, 2022. Upon expiration, the thresholds will return to its previous amounts.

“I look forward to more legislation that will support our businesses — big and small. This law is proof that we can work together for the benefit of all our people. Our business should be helping to keep businesses in business. Our work in helping our island recover is just beginning and I’m confident that we will overcome these challenges as we always do, together,” Sen. San Agustin added.

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READ the release from Sen. San Agustin in FULL below:

FOR IMMEDIATE RELEASE
June 27, 2020
GOVERNOR SIGNS BILL 323-35 INTO PUBLIC LAW 35-90.

SMALL BUSINESS RECOVERY ACT TO GIVE PANDEMIC RELIEF

Tamuning, Guam. Sen. Joe S. San Agustin’s Bill 323-35 was signed into Public Law 35-90 by Governor Leon Guerrero on Friday, June 26, 2020.

Public Law 35-90 will provide limited exemptions for small businesses that make more than $50,000 and less than $250,000.  These businesses may avail of the provision which waive the payment of Business Privilege Taxes.  Businesses that make more than $250,000 but less than $500,000 will only remit tax payments at 3% to the Department of Revenue and Taxation. 

“I am grateful for Gov. Leon Guerrero and my colleagues’ support and belief that we must work together in helping our businesses recover from the devastation brought on by this pandemic.  It has not been easy for any of our island’s businesses, but we felt it was necessary to provide some form of assistance that we hope, would trickle to employers re-hiring their employees and reopening their doors to serve our island community,” Sen. San Agustin stated.

This provision is applicable to qualifying businesses retroactive to January 1, 2020 and expires on June 26, 2022.  Upon expiration, the thresholds will return to its previous amounts.

“I look forward to more legislation that will support our businesses- big and small. This law is proof that we can work together for the benefit of all our people. Our business should be helping to keep businesses in business. Our work in helping our island recover is just beginning and I’m confident that we will overcome these challenges as we always do, together,” Sen. San Agustin added.