THE House of Representatives on Tuesday unanimously passed House Bill 22-70, which proposes to reform the Investment Incentive Act of 2000 in order to “promote economic development in the CNMI and increase the competitiveness of the Commonwealth for private sector investment.”
All the 19 House members voted yes to H.B. 22-70 authored by Rep. Angel Demapan.
He thanked his colleagues for the unanimous vote as well as the House Commerce and Tourism Committee chaired by Rep. Denita Yangetmai for supporting the bill’s passage.
He said the measure would reform the current qualifying certificate or tax incentive program “to ensure that our economy thrives for generations to come.”
He said there will also be opportunities for existing businesses to avail themselves of these incentives, which will “finally level the playing field for many of our long-standing locally owned businesses.”
These businesses, he added, have been in the CNMI for decades, in good times and in bad, “so it’s only fair that they be allowed to avail [themselves] of incentives to further expand their business activities.”
Demapan also extended his gratitude to the Governor’s Council of Economic Advisers and the Commonwealth Economic Development Authority for the opportunity to work together in moving the legislation through the House.
H.B. 22-70 would mandate CEDA to “produce a ‘targeted industry’ listing, determining the industries eligible to apply for a qualifying certificate in line with the five-year economic development goals of the Commonwealth.”
It also requires that CEDA revisit the targeted industry listing at least once per calendar year and, if necessary, publish amendments to the list.
The measure makes any business, which is either a trust, a partnership, a sole proprietorship, a corporation, a limited liability corporation or a limited liability partnership, eligible to apply for one or more of the areas on the targeted industry list.
Rep. Angel Demapan, left, confers with Rep. John Paul Sablan during a break in a recent House session.
