U.S. Interior Assistant Secretary Doug Domenech has announced that Interior will be signing over $69,928,937 to Guam for federal income tax advance payments under Section 30 of the Organic Act of Guam for fiscal year 2020.
Domenech said these funds are important to Guam his team at the Office of Insular Affairs always works hard to ensure the funds are transferred as quickly as they are available. The funds are expected to be available by next week.
Under Guam’s Organic Act, federal income taxes derived from active members of the United States Armed Forces and pensions paid to retired civilian and military employees of the United States who reside on Guam are annually “covered-over” to the Guam Treasury to support the operations, activities, and programs of the local government (48 U.S. Code 1421 Section h).
Through changes made under the National Defense Authorization Act of 2017 (U.S. Public Law 114-328, Section 1703) some of these funds are set aside for the Guam World War II Claims Fund at the Department of the Treasury.
According to Domenech, all payments are certified by the U.S. Department of the Treasury.