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Legislation has been introduced that proposes to give certain businesses tax breaks for helping to build, expand, upgrade, repair, or maintain the Guam National Tennis Center.
Bill 327-36 was introduced July 18 by Sen. Joe S. San Agustin.
The centre, located at the Dededo Sports Complex, currently has ten tennis courts used by adults and children, with five additional adult courts under construction.
The author of the measure noted that the Guam National Tennis Federation is expanding the facility for its members and the public.
Under the bill, any business that contributes to the actual cost of the facilities will be entitled to credits for the business lien tax. Credits not used in the current tax period may be carried forward to subsequent tax periods until credits are exhausted, and the total credits granted must not exceed the actual dollar amount of project expenditures per the taxpayer.
In addition, the uncommitted business lien tax credit should not exceed $600,000 over a three-year period, and no more than $200,000 in tax credits should be allowed for each year of the program.
The bill proposes that the Guam Economic Development Authority implement and monitor the tax credit program.
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