Governor’s request to Treasury approved
FOR IMMEDIATE RELEASE
September 10, 2012
An additional $5 million in tax refunds will be paid next week. This cash windfall is coming from an unexpected increase in Section 30 reimbursements, which the Governor has been working on with the U.S. Department of Treasury.
Governor Calvo last week requested the U.S. Department of the Interior to release the Section 30 funds, and DOI approved the release with the news of the increase in funding. Assistant Secretary for Insular Areas Tony Babauta wrote to the Governor informing him of DOI’s approval.
An additional $6.7 million is also due to Guam from Fiscal Year 2011 underestimates for Section 30 reimbursements. However, the Department of the Interior applied this money against the Government of Guam’s $9.6 million debt to the Department of Treasury for previous years of overpayment in Section 30 reimbursements to Guam.
Governor Calvo has requested in previous correspondences to DOI that any additional Section 30 funds not offset this outstanding debt, because a Memorandum of Understanding between the two governments already outlines the repayment structure for this debt. The Governor is again requesting DOI to reconsider this matter as the $6.7 million will be used for tax refunds.
“We’re going to keep holding the line on spending so those savings can go toward tax refunds,” Governor Calvo said. “Our goal is to pay the refunds this year so that for the first time in a long time, people get their tax refunds within only months of filing.”
Please call Phillip Leon Guerrero at 929-7467 or 475-9213 for more information.
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