With news that people in the states are expected to receive their $600 stimulus payments soon, you may be wondering when Guam will get its share.
Department of Revenue and Taxation director Dafne Shimizu told Newstalk K57’s Patti Arroyo Thursday morning that they’ll push out the new stimulus payments as quickly as they can.
But first, they have conferred with the IRS to work out how exactly they’re supposed to do that.
“We have already been in communication with the IRS and of course trying to find out when things will happen. We, of course, have always been trying to do our best to try to get the payments out as soon as possible to our people. That’s really a very huge priority for us. Of course, Gov. Lou and Lt. Governor Josh in our administration … that’s been very important for us and we’re going to continue to do that,” Shimizu said.
She said the deadline for the IRS to finish issuing stimulus payments in the states is January 15th.
The territories, however, are on a more forgiving and longer timeline.
Shimizu said this is because there are differences in the way the IRS and the tax and revenue systems in the insular areas operate.
The deadline for the insular areas is either September 30th or another date that the Secretary of the Treasury deems appropriate … whichever is sooner.
Shimizu said there needs to be an agreement in place on how to roll out stimulus payments as well as how much money gets transferred to the territories.
Shimizu said one advantage this time around is that this type of program is no longer new.
She says experience with the CARES Act will help them onboard the new relief program and push payments out faster than the first stimulus payments from earlier this year.
“We have learned a lot from the last round. It happened just this past … I guess … late spring. I believe we will be able to get these out more quickly because, of course, we have the benefit of that experience with the IRS and the Treasury,” Shimizu said.