Guam - Back on island is Department of Revenue & Taxation director John Camacho. He along with BBMR director Benita Manglona met with representatives from the Internal Revenue Service. According to Camacho, longstanding issues such as Earned Income Tax Credit reimbursements are among the group's agenda.
"This has been a long battle for Guam its something we've been working with the feds to see one way, because of the growing under funded liability for the Guam residents and government, it grew from $15 million back in the 80's and now we are looking at paying EITC between $33-$35 million a year, so basically this is a concern for Guam. 547 we spoke with the IRS and their legal counsel looking at ways to see how we can get some kind of reimbursement, some kind of funding from the feds.
"I think some of the response was very positive basically looking at the statue and also looking to meet with the U.S. Treasury on this aspect."
Camacho adds they also discussed the reconciliation of section 30 monies among a myriad of others.