SAIPAN — An investor proposing to spend $77,699,400 on Saipan is asking the Commonwealth to waive essentially all of its taxes for a quarter century, and the public gets its say August 19.
CNMI Investment LLC and Subsidiaries has filed an application with the Commonwealth Economic Development Authority for a Qualifying Certificate under the Investment Incentive Act of 2000, according to public notices signed by CEDA Executive Director Derek T. Sasamoto and dated Friday. The applicant, listed at 1930 Picarro Lane in the I Liyang area of Saipan, intends to invest the amount in investment, manufacturing and trading at that address.
The tax relief sought is comprehensive: 100 percent abatement for 25 years across four categories, covering the business gross revenue tax, excise tax and tariff, income tax for the entity and LLC owners, and income tax for C-level executives.
The notices do not identify the principals behind the LLC or describe the specific project beyond its investment, manufacturing and trading designation.
CEDA will conduct a public hearing on the application Wednesday, August 19 at 5 p.m. at the New Cafeteria Building next to Building D at Marianas High School on Bwaay Lane in Susupe. The hearing is open to the public, and oral or written statements will be received from anyone wishing to testify, with statements incorporated into the hearing record under the Administrative Procedures Act’s rule-making procedures.
For further information, CEDA can be reached at (670) 234-6245 or at the CEDA Building on Beach Road in Oleai.
