Guam - In order to ensure that the almost $21 million in additional child tax credit reimbursements that GovGuam will be receiving is specifically budgeted for payment of 2010 income tax refunds owed chair for the Committee on Appropriations and Taxation Senator Ben Pangelinan wrote Rev & Tax director John Camacho, reminding him to follow through on the law. Although the Department of Administration is the agency in charge of custodial funds, Camacho says he intends to follow the law and appreciates Pangelinan's reminder.
"He's saying that money specifically supposed to be deposited in the Income Tax Reserve Fund and then should be used for paying tax refunds. That's what he's saying he wants to ensure that money is set aside and deposited and used for refunds but not for other purpose," he said.
The submission of the request for reimbursement is set to be sent by rev and tax to the U.S. Treasury within the month. Following December's tax refund bond issuing close to $200 million, approximately $23 million was paid as a result of individuals claiming the ACTC. Pangelinan urges Camacho and Governor Eddie Calvo to keep their promise and follow the Fiscal Year 2012 budget and pay over $100 million in 2011 income tax refunds.