Legislation Committee Passes Jeju 4·3 Special Act and Expansion of Tax Credit for Good Landlords Bill

[Asia Economy Reporter Oh Ju-yeon] At the plenary meeting of the National Assembly's Legislation and Judiciary Committee held on the 25th, the amendment to the Special Act on Jeju 4·3, as well as the amendment to the Restriction of Special Taxation Act to expand the tax credit rate for benevolent landlords, were passed.

On that day, the Legislation and Judiciary Committee held a plenary meeting and approved the amendment to the 4.3 Special Act. The amendment includes provisions for compensation payments to victims and bereaved families of the 4·3 Incident, the establishment of special retrial regulations for victims to restore honor, and additional fact-finding investigations.

Along with this, the amendment to the Restriction of Special Taxation Act was also processed. The amendment raised the income and corporate tax credit rate applied to the reduced rent amount from 50% to 70% when landlords reduce rent for small business tenants suffering from difficulties due to the novel coronavirus disease (COVID-19) pandemic. The application period for the credit was extended by six months, from June 30 to December 31 of this year.

This content was produced with the assistance of AI translation services.