Congressman Michael San Nicolas has introduced H.R. 4262 to fund and expedite tax refunds.
According to a release from San Nicolas, H.R. 4262 specifically requires the Government of Guam, through the Organic Act of Guam, to process and pay a tax refund within 90 days of its individual filing, as opposed to the court order to pay within 6 months from the deadline to file.
He states: “This section basically means that if you filed a proper tax return in February, you will get paid in May, as opposed to waiting months longer up to the court deadline in October.”
In addition, H.R. 4262 compels GovGuam to follow its own local law with respect to making deposits into the Income Tax Refund Efficient Payment Trust, using the formulas adopted in GovGuam’s annual budget.
San Nicolas says this section entwines Guam law with the Organic Act to ensure tax refund deposits and expedite tax refund payments.
The congressman adds he will keep the people of Guam apprised on the progress of H.R. 4262 as it moves through the U.S. House of Representatives.