Senator San Nicolas says the Governor can use Section 30 money which is expected in September to pay out the remaining $33 million in tax refunds.
Guam – Senator Mike San Nicolas is urging Governor Eddie Calvo to use section 30 funds to pay tax refunds.
San Nicolas says the section 30 funds are the only remaining resources available to get refunds paid soon. The last batch of refunds covered some of those who filed error free returns up to February 16th. San Nicolas says GovGuam still owes about $33 million dollars in tax refunds and the section 30 funding which is expected in September is about $70 million dollars. “The reason why it all balances out is because the revenue projections he originally submitted for the budget was about $37 million dollars more than what we actually passed. So we have about a savings of $37 million based on his own revenue projections. So Section 30 money is supposed to be used for next fiscal year but if we tap 33 million to pay for these refunds it’s still within what the Governor himself projected so we still can do that comfortably without creating too much disturbance in the FY2016 budget,” said Senator San Nicolas. The administration says it intends to meet the 6-month deadline to pay the refunds.