The government Guam has anticipated the collection of roughly $8 million now that the property improvement tax bill has been signed into law. Bill 4 corrected an existing law to cover the property improvement that cost $1 million “or more.”
Guam – The correction bill now clarifies the initial intention of real property taxes on property improvements valued at $1 million or more, possibly allowing GovGuam to put the projected $8 million shortfall behind them.
With Gov. Lou Leon Guerrero expressing an optimistic outlook on GovGuam’s current fiscal state, the need to sign the “or more bill” into law was strictly for corrective purposes.
“I get a daily report of our cash flow and I get a weekly report of our collection and you know our cash flow report, I don’t go to bed at night worrying about it but I’m not also relaxed about it. I’m still very cautious,” the governor said on NewsTalk K57.
“I already signed the one correcting the definition of the past session. Where really, we all know the intention was to do the ‘or more’. And I guess people were saying, oh we can maybe fix it administratively but I think for clarity and no confusion it’s best to go through the legislative process. So I already signed that Saturday morning.”
This she said in within her authority as tax commissioner.