Tax Assistance
Eligibility. Any business which is either a trust, a partnership, a sole proprietorship, a corporation, a limited liabiity corporation or a limited liability partnership is eligible to apply for a Qualifying Certificate in one or more of the following areas:
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a. Franchise restaurants;
b. Water parks;
c. Aquariums;
d. Cultural centers;
e. Theme parks;
f. Resort Hotels and condominiums;
g. Golf courses;
h. Convention centers Public Law 12-50 SENATE BILL NO. 12-111 Page 4
i. Dinner theaters;
j. Special Events such as conventions and sporting events;
k. CNMI based airlines and other aviation related activities;
l. Manufacturing or Processing of High Technology Products;
m. Internet related businesses and/or businesses engaged in internet commerce; or
n. Any development or project beneficial to the economic development of the Commonwealth not listed above.”
(c) Section 3303(n) is amended to read as follows: “n. Any development or project not listed above that is approved pursuant to this Chapter $1,000,000 500,000
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The CNMI Government offers tax rebates and abatements to stimulate economic growth and development.
The Investment Incentive Act of 2000, as amended, authorizes the granting of rebates and/or abatements of up to one hundred percent (100%) for a period of up to twenty-five (25) years to qualified investors.
The following are among the activities targeted by the Program:
Tax Abatements and Tax Rebates.
Subject to the provisions of this Chapter, the Governor is authorized to issue a Qualifying Certificate abating the following taxes or establishing a higher tax rebate level on the following terms: (a) Abatement or permitting a rebate of up to one hundred percent (100%) of all taxes of any nature paid or to be paid to the Government of the Commonwealth by a Beneficiary and if it is in the economic interest of the Commonwealth, its owners or the development and operation of activities covered by the Qualifying Certificate. The rebate or abatement may be issued for a period up to twenty-five (25) consecutive years from the effective date of the Qualifying Certificate. (b) In lieu of the percentage of tax abatements and rebates authorized in subsection (a), the Commonwealth Development Authority Board may, in consultation with the Division of Revenue and Taxation, recommend and the Governor may grant up to fifty percent (50%) of said abatements and rebates for a period of up to fifty years.
Submission to Governor. If the Commonwealth Development Authority Board recommends issuance of the Qualifying Certificate to the Governor, the draft Qualifying Certificate and supporting documentation, together with the memorandum of the Commonwealth Development Authority’s findings in support of its recommendations, shall then be submitted to the Governor. Any recommendation of the Commonwealth Development Authority Board not approved by the Governor within forty-five (45) calendar days shall be deemed disapproved on the forty-sixth (46 ) day following such receipt. th
Requirements. Each applicant for a Qualifying Certificate must submit the following to the Commonwealth Development Authority:
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1. A completed Qualifying Certificate application together with the applicable filing fee;
2. Financial plan for financing the project, if appropriate;
3. Certified copies of articles of incorporation, partnership agreement, or trust agreement as filed with the Government of the CNMI;
4. Names of owners, to include addresses, percentages of ownership, and the amount invested or to be invested;
5. Business plan;
6. Description of the land on which Applicant’s project is to be located, Applicant’s title thereto, and any recorded maps thereof; and
7. A Certificate of Tax Compliance from Division of Revenue and Taxation