Saipan introduces casino revenue bill

The measure seeks the authorisation and funding of a tax account.

Saipan.- Rep. Blas Jonathan T. Attao introduced a bill that wants to create a casino gross revenue tax account in the territory. If it gets passed, House Bill 20-28 would amend Public Law 18-56.

According to Saipan Tribune, the latter manages the fees and distribution of the revenues and gross revenue taxes that come from the fees generated on the faming license in operating casinos. The Representative said that the new bill creates an exclusive license for casino operators in Saipan. “Despite the enactment of PL 18-56, only a portion of the license fee was allocated for the payment of the 25 percent reduction in pension. In addition, the Legislature is cognizant of the fact that the US$15 million that is collected from the annual license fee collections falls short of what is actually needed to address the pension reduction, an estimated US$17 million annually,” he said

“The Legislature finds the annual exclusive casino fee of $15,000,000 is a lump sum payment that is readily available for investment into the Settlement Fund for the 25 percent pension payment,” he concluded.