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Senate unanimously OKs excise tax bill
The Legislature has approved another emergency bill, this time one that removes the excise taxes imposed on generators and household appliances during the declaration of a state of disaster.
House Bill 19-92 passed the Senate early this week on a unanimous vote. It will now be transmitted to the Office of the Governor for signing.
The proposed legislation limits the purchase to $6,000, and the generators and appliances should only be used for households and not for commercial purposes.
The IRS defines excise taxes as “taxes paid when purchases are made on a specific good, such as gasoline. Excise taxes are often included in the price of the product. There are also excise taxes on activities, such as on wagering or on highway usage by trucks.”
The House of Representatives approved H.B. 19-92 and Senate Bill 19-59 during an emergency session last week.
H.B. 19-92, however, has yet to be transmitted to Gov. Eloy S. Inos.
Press secretary Ivan Blanco said as of yesterday, there are no pending bills at the Office of the Governor.
Inos earlier signed S.B 19-59, which is now the “Commonwealth Price Freeze Act of 2015” that permits a price freeze to be in effect until the end of a declaration of major disaster or significant emergency for the CNMI.
Earlier, Inos requested the Legislature to hold emergency sessions—particularly on the CNMI price freeze law—in the wake of Typhoon Soudelor.
