Senator James Moylan says the administration has a $30 million windfall from a tax payment that can be used to pay out RISE Act payments.
According to Moylan, they recently learned that a taxpayer made a large transaction in April, which was neither anticipated nor projected by the government. The senator said the amount represents nearly $30,000,000, of which they are still confirming if this was a capital gains tax obligation.
“This amount would be sufficient in paying out the proceeds of The Rise Act, as the legislature authorized the funding of no more than $30,000,000 to implement the objectives of Public Law 35-136. I understand that this tax payment is a much welcome infusion into the General Fund which will also benefit quarterly collection reports, it is also a great opportunity to not only address the obligations from The Rise Act, but also to get monies into the hands of thousands of island residents,” Moylan said.
He added: “I am sure there are plans to utilize these funds to address government shortfalls, but the government is also benefitting from a huge infusion of federal monies which have been cleared for such fiscal gaps. Therefore, if there is a time to close the chapter on The Rise Act, it would be now, as the monies are here and are available.”