Tax refund payments at their highest
The Calvo Administration has announced that tax refund payments are at the highest levels in history as for the past four years the average payout was $58 million compared to the over $100 million already paid this fiscal year.
By KUAM NewsGuam - The Calvo Administration has announced that tax refund payments are at the highest levels in history as for the past four years the average payout was $58 million compared to the over $100 million already paid this fiscal year.
As for this calendar year, about $80 million in 2012 refunds have been paid with about $25 million in Status-A expected to be paid between now and October totaling $105 million. Just as Governor Calvo stated to KUAM Thursday, BBMR director John Rios says the provision for tax refunds in the substituted budget bill is over by $8 million, excess funding which instead could be used to pay for the hay raises to employees.