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New law allots casino tax funds for NMC, trade school

GOVERNOR Ralph Torres on Monday signed a new law that will include Northern Marianas College and the Northern Marianas Trades Institute as recipients of the Saipan casino business gross revenue tax funds.

Introduced by Rep. Angel Demapan, House Bill 20-99, which is now Public Law 20-10, also earmarks a portion of the casino GRT for the restoration of the 25 percent pension cut.

The rest of the casino GRT will be deposited and reserved for appropriation by the Legislature for the Commonwealth Healthcare Corp., the medical referral program, land compensation judgments, the Public School System and the fuel adjustment charge rate subsidy for Commonwealth Utilities Corp. customers.

In addition, the $15 million annual collection from casino license fee will be distributed to the three main islands: $2 million each for Tinian and Rota and $11 million for Saipan, for appropriation by their respective delegations to fund various programs in the three senatorial districts.

Source: Marianas Variety : http://www.mvariety.com/cnmi/cnmi-news/local/98855-new-law-allots-casino-tax-funds-for-nmc-trade-school

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