All Roll Calls
Yes: 16 • No: 0
Northern Mariana IslandsSB 24-1624th Northern Mariana Islands Legislature (2025-2026)Senate
Foreign Corporation Liaison Act
Sponsored By: Corina Lorraine Magofna (Independent)
Enacted
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
New efforts to attract investment
The investor liaison office must propose financial and non-financial incentives for investment in the Commonwealth of the Northern Mariana Islands. Target industries include tourism, manufacturing, agriculture, renewable energy, technology, and other industries that support economic growth. Ideas can include tax credits, tax exemptions or reductions, grants, and other financial help. The law itself does not award these incentives or specify funding. The office must also work with agencies and organizations to promote the islands as a Western Pacific trade and investment hub. Promotion includes trade shows, investment forums, traveling investment events, and online media. Annual reports to the Legislature begin December 31, 2025, evaluating incentives, simpler processes, and promotion efforts in attracting investment and supporting growth.
One-stop help for investors in the Marianas
The law replaces the Office of Foreign Investment Assistance with the Office of Foreign Corporation Liaison in Commerce. It gives foreign and domestic investors one place for help with business registration, permits, and licenses. Staff provide information, help complete applications, send them to agencies, track progress, and coordinate requests for added documents. The office can make agreements with government agencies to speed services; Commerce can issue rules to carry out the law. It also works with banking, insurance, telecommunications, energy, and real estate businesses on infrastructure needed by foreign corporations. Permit eligibility and fees do not change. The Commerce Secretary must hire a director within 60 days of the law taking effect. The director needs a relevant bachelor's or equivalent degree plus five years of related private-sector experience, or ten years of related private-sector experience. Relevant fields include business, marketing, economics, and related work. The director can hire staff as needed.
Sponsors & Cosponsors
Sponsor
Corina Lorraine Magofna
Independent • Senate
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
House vote • 6/20/2025
Roll call on SB 24-16
Yes: 16 • No: 0
Senate vote • 2/28/2025
Senate Final Reading — Passed
Yes: 0 • No: 0
Actions Timeline
PL 24-06
7/24/2025SenateHouse Final Reading — Passed
6/20/2025HouseSenate Final Reading — Passed
2/28/2025SenateIntroduced
2/10/2025Senate
Bill Text
24-16
2/10/2025
A-24-9
2/10/2025
PL 24-06
2/10/2025
SD1
2/10/2025
Related Bills
HB 24-108, To provide a Budget Plan of the Commonwealth of the Northern Mariana Islands for Fiscal Year 2027 and make appropriations for the operations and activities of the Government of the Commonwealth of the Northern Mariana Islands, its agencies, instrumentalities, and independent programs, and to provide budget authority for government corporations; and for other purposes.
HLB 24-62, To appropriate $500,000.00 from revenues collected for the Third Senatorial District pursuant to Public Law 20-59; and for other purposes.
SB 24-48, Establish a Division of Customs and Biosecurity within the DOF
HB 24-84, To authorize the expenditure of $2,105,563.00 identified by the Governor as a surplus from Fiscal Year 2025 revenues that shall be appropriated by the Legislature to the Public School System and to the 25% Retirees’ Pension Obligation.
HB 24-74, To appropriate funds derived from trust interest income from the Marianas Public Land Trust towards payment of household allotments of Nutrition Assistance Program (NAP) benefits for November 2025.
HB 24-63, To amend Title 4 sections 1991 to 1995 relating to the 3% construction tax on gross revenues derived from certain non-residential construction projects and to enact a new section 1996 pertaining to Applicability; and for other purposes.