Hafa Adai REALTORS®️,
Sometime this week, our 35th Guam Legislature will voting on Bill 1-35 as amended. It would be great to have all of us REALTORS®️ and other small business owners contact the Senators in support of Bill 1-35 as amended.
There are some senators that have tried to limit the cap amount from $250K to $100K and another senators that wanted to exclude real property rentals from this Bill. Both of these attempted amendments were defeated. Please do not assume that Bill 1-35 (LS), as amended, is guaranteed to pass.
The bill needs all of us to reach out and make sure that us as REALTORS®️ and those clients that we represent benefit from positive legislation like this. To Assist I have added the following Talking Points:
Bill No. 1-35 (LS), As amended by the Committee and further Amended on the Floor.
1. What does Bill No. 1-35 (LS), as amended, do?
Bill No. 1-35 (LS), as amended, holds the Dave Santos Act in place while adding a second benefit to slightly larger businesses. Under this measure, a business making more than $50k a year but less than $250k a year will pay a BPT rate of 3% instead of the 5% presently required by law on its first $100k earned.
2. Why does it matter to me?
Business is hard and being a small or micro business is even harder. Bill No. 1-35 (LS), as amended, allows you to keep more of the dollars and cents you earn.
3. A $2,000 Question!.
Under Bill No. 1-35 (LS), as amended, a small business grossing between $50k and $250k a year would save $2,000 annually. The question is who can best put that money to work? Bill 1, as amended, says small business owners should be able to decide for themselves—a new piece of equipment, a salary increase to a valued employee, the completion of improvement projects. It’s your money and it will be spent in our economy, and you should be in charge of it.
I humbly ask that you pick up the phone and call your Senators to vote YES on Bill No. 1-35 (LS), as amended. Attached are FAQ’s about the Bill. I hope you will all advocate in favor of this Legislation to benefit so many in our community to include our fellow REALTORS®️.
R. Bobby Sachdej
2019 President, Guam Association of REALTORS®️