Post by Logan on Feb 16, 2016 3:28:30 GMT -6
Guam lawmakers Monday stripped away some key provisions in a measure meant to prioritize the use of additional government revenue for tax refund payments.
To avoid another year of tax refunds being released slowly, Sen. Mike San Nicolas, D-Dededo, introduced Bill 228-33, which would earmark any excess revenue the government collects in the General Fund or any special fund this fiscal year to pay tax refunds.
When Gov. Eddie Calvo submitted his fiscal 2016 budget request to the Legislature last year, the administration projected the government to receive $702.2 million in General Fund revenue. Lawmakers last summer ended up passing a bill, approving $665 million for government spending.
In the case that the governor’s estimate is closer to the actual revenue received this fiscal year, and the government collects more than money than anticipated, San Nicolas wanted to ensure that tax refunds get paid first with the unappropriated revenue.
Read more: www.guampdn.com/story/news/2016/02/15/bill-prioritize-tax-refunds-gets-defanged/80394282/
To avoid another year of tax refunds being released slowly, Sen. Mike San Nicolas, D-Dededo, introduced Bill 228-33, which would earmark any excess revenue the government collects in the General Fund or any special fund this fiscal year to pay tax refunds.
When Gov. Eddie Calvo submitted his fiscal 2016 budget request to the Legislature last year, the administration projected the government to receive $702.2 million in General Fund revenue. Lawmakers last summer ended up passing a bill, approving $665 million for government spending.
In the case that the governor’s estimate is closer to the actual revenue received this fiscal year, and the government collects more than money than anticipated, San Nicolas wanted to ensure that tax refunds get paid first with the unappropriated revenue.
Read more: www.guampdn.com/story/news/2016/02/15/bill-prioritize-tax-refunds-gets-defanged/80394282/