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CU System
Guam banks oppose bill to remove tax exemptions
AGANA, Guam (11/29/07)--A Guam bill that would remove at least nine tax exemptions for lending institutions is being opposed by the island's banks, and they're using a credit-union-like approach. Acting Speaker Eddie Baza Calvo, chairman of Guam's Legislative Committee on Finance and Taxation, heard public testimony on Bill 91, authored by Adolpho Palacios, a Democrat. Banks and other lenders have several tax exemptions under island law. Repealing the exemptions would cause higher fees for services, which would affect consumers, said Guam Banking Association President Ed Untalan, using a point familiar to credit unions defending their tax exemption in the U.S. However, the similarity ends there. Untalan added that federal credit unions can't be taxed by Guam law, and Bill 191 would place banks at an even greater disadvantage against federal credit unions and off-island lenders. He then brought up the level-playing field rhetoric.
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