Republican Senators have introduced a new bill that seeks to exempt Business privilege taxes on groceries starting next fiscal year.
PNC’s Althea Engman has more…
Senator James Moylan along with Senator Frank Blas Jr, Senator Tony Ada, and Senator Chris Duenas introduced new legislation to help bring in some relief at the grocery stores
This legislation would establish a temporary exemption of the Business Privilege Tax on food and food ingredients for 2 years and will be shown on the receipts of the consumers.
Senator James Moylan stated, “We are seeing the price of groceries drastically increase, there’s a couple of reasons and Guam is not alone, nationwide we have the situation too, what are we doing about it right, we need to do something about it and we’ve introduced our bill to do that.”
Senator Moylan told PNC that they are looking to get rid of 5% of a person’s overall grocery total with the exception of alcoholic beverages and candy.
Senator James Moylan stated, “We gotta reevaluate maybe there are things we can change or maybe there’s some negotiation we can do with this bill, this bill isn’t law, it’s just an idea that myself and my other cosponsors, Senator Ada, senator frank Blas jr and senator Chris Duenas said yeah let’s discuss this if you can provide some relief to their consumer then let’s do it the best time ever.”
Although the measure, as proposed, would sunset the exemption on August 31, 2024, Senator Moylan wants to analyze the progress the island has made before making any decisions.
Senator James Moylan stated, “There will always be and that’s why in the bill we exceeded our projected revenue, we are over $80 million and maybe by the end of the fiscal year maybe $90 million, why aren’t we providing that cost savings back to the consumers.”
Moylan added that a public hearing for this bill along with his previous proposed gas voucher should be taking place soon added Moylan
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