GUAM FOREIGN INVESTMENT EQUITY ACT

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CONGRESSMAN ROBERT A. UNDERWOOD Delegate from Guam U.S. House of Representatives Washington, D.C.

 

NEWS RELEASE May 2, 2001

HEADS TO THE U.S. SENATE

The House today passed Congressman Robert A. Underwood's H.R. 309, the Guam Foreign Investment Equity Act, by a voice vote. The Act now heads to the Senate, where the Congressman hopes action will be as quick.

"I have already sent letters to Senator (Daniel) Akaka (D-Hawai‘i) and Senator (Frank) Murkowski (R-Alaska) for their support and hopefully the Senate will act as quickly as the House," the Congressman said.

The Guam Foreign Investment Equity Act would include Guam in treaty-negotiated tax rates on foreign investment in the U.S. Since at least 75 percent of the investment capital that comes into Guam is from foreign sources, if passed into law, the Equity Act would provide Guam with the same advantageous rates as the states. Currently, Guam's foreign investment tax rate is set by federal law at 30 percent, one of the highest in the nation.

"Our rate is fixed by law and we are not able to enjoy the lower rates that are negotiated in tax agreements between the U.S. and other countries," Underwood said. "H.R. 309 will give us parity of treatment and is vitally important, especially as we continue to deal with the problems with our economy associated with the Asian economic downturn."

For additional information, contact: Cathy Gault at 671-477-4272

Washington office: 2418 Rayburn Office Building Washington, D.C. 20515 Tel: 202-225-1188 Fax: 202-226-0341 Email: guamtodc@mail.house.gov 

Guam office: 120 Fr. Duenas Ave., Ste 107 Hagatna, GU 96932 Tel: 671-477-4272 Fax: 671-477-2587

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