Guam – Senator Ben Pangelinan has announced that the substituted Fiscal Year 2013 budget that he has proposed includes a plan to pay the still un-paid FY 2011 tax refunds.
There is still about $30-million dollars owed in 2011 refunds.
According to a release, Senator Pangelinan has identified $13-million for the federal ACTC reimbursement, $3.7 million from the SelectCare health insurance rebate. The remaining $13.3 million would be funded $14 million dollars from the Budgets of the Executive, Judicial and Legislative branches.
That savings would be diverted to pay the outstanding refunds for 2011.
READ Senator Pangelinan’s release in FULL below:
PANGELINAN UNVEILS PLAN TO PAY ALL INCOME TAX REFUNDS
FOR IMMEDIATE NEWS RELEASE (August 21, 2012 – Hagåtña) – In the FY 2013 Budget Act currently before the Legislature, Senator Vicente (ben) Cabrera Pangelinan included a plan to pay the remaining Tax Year 2011 past-due Income Tax Refunds as well as to set-aside $100 million for Tax Year 2012 refunds moving forward.
The Department of Revenue and Taxation reported last week that there is approximately $30 million in unpaid Tax Year 2011 refunds. “We found out that over two weeks ago, there was a deposit of about $14 million in ACTC reimbursements cash in the bank that the Governor didn’t press release, of which $13 million is required to be used to pay refunds. We also know that there is an additional $3.7 million from health insurance rebates that will be going to refunds as budgeted by the Guam Legislature in the FY12 budget. That leaves about $13.3 million in Tax Year 2011 refunds which is paid for in the FY13 budget,” explains Pangelinan (D-Barrigada).
|
Tax Year 2011 Refunds Owed |
$30,000,000 |
Public Law Authority |
|
|
|
|
|
Funding source |
|
|
|
July 31, 2012 ACTC Reimbursement |
$13,044,241 |
31-76, Section 3 |
|
Calendar Year 2011 Section 2718 Rebate |
$3,744,042 |
31-77, Chapter 11, Section 10 |
|
FY2013 Budget |
$14,000,501 |
SBill 426-31, Chapter 11, Section 1 |
|
|
$30,788,784 |
|
As released earlier, “the FY13 budget act is proposed to reduce expenditures by $14 million from the Executive, Legislative, and Judicial branches of the government and directly deposited into the Income Tax Refund Efficient Payment Trust Fund,” Pangelinan concludes.
