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Stanley withdraws gross revenue surtax measure
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Posted on Apr 10 2012
By Haidee V. Eugenio
Reporter
Reporter
Rep. Stanley Torres (Ind-Saipan) withdrew yesterday his local bill proposing an additional 1 percent gross revenue surtax on Saipan.
“I am going to consult further with financial and tax experts, that’s why I withdrew my bill,” Torres told Saipan Tribune.
Torres withdrew his House Local Bill 17-74 during yesterday’s session, which was rescheduled twice because of a funeral in the morning wherein many lawmakers attended and a Committee on Education hearing. The session was originally set for 10am, but was moved to 1:30pm and then to 3pm.
He said reintroduction of the local bill will depend on the result of his consultation with financial experts.
If his bill becomes law, the 1 percent gross revenue surtax on Saipan could roughly translate to 10 cents for every $10. The existing top gross revenue tax rate is 5 percent.
A 1-percent surtax would be about a 20-percent increase over the current gross revenue tax rate and could produce some $9.2 million in additional revenue for Saipan, the local bill says. There has been no increase in the gross revenue tax since its inception in 1982.
