A break for island small businesses is a first order of business
Newly sworn-in Guam senators hastened to introduce their first pieces of legislation and even teamed up with veterans in a display of bi-partisanship.
Sen. James Moylan may be a legislative first-termer, but the Republican is a veteran of the Guam business community. He found broad support for an effort in support of island small businesses.
A bipartisan effort led by Sen. Régine Biscoe Lee and joined by Moylan, Speaker Tina Rose Muña Barnes, and Sen. Joe, S. San Agustin will expand the benefits of the Dave Santos Act—allowing small businesses to keep more of the money they make.
The proposal is the first measure introduced in the 35th Guam Legislature and comes on the heels of a recent economic forecast predicting negative growth in Guam for 2019. As currently written, the bipartisan measure would raise the amount exempted from the Business Privilege Tax to the first $50,000 in gross income under the “Dave Santos Act.”
The measure also increases the number of small businesses eligible to participate in the program to those whose aggregate income does not exceed $250,000.
“Small businesses are the backbone of this economy but they need our help,” said Sen. Biscoe Lee. “When our best economic experts tell us to prepare for a ‘negative growth’ economy—we have to listen—and we have to act. This is the first in a series of proposals I have to stimulate small business and create good jobs” she said.