The Guam Chamber of Commerce issued a statement of support Thursday for legislative efforts to roll back the business privilege tax from the current 5% to 4%.
Senators approved a budget amendment that would implement the new rate on Oct. 1, 2026. An amendment lowering the rate to 4.5% on Oct. 1, 2025, was also approved by senators.
The Guam Legislature will continue budget discussions until Aug. 20. The final budget bill will go to Gov. Lou Leon Guerrero, who can approve it, veto it or allow it to lapse into law after 10 days.
If the governor vetoes the bill, an override will require at least 10 votes.
While 11 senators supported the BPT tax reduction to 4.5%, only eight voted in favor of rolling it back to 4%.