Thursday, 13 April 2017

Adelup hopes to pay tax refunds by May 31

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The Calvo Administration, due to advantageous market conditions, wants to pay out $75 million in refunds from a bill to float a line of credit by the end of May.

Guam - A release from Adelup showed a graph that would outline how error-free tax refunds can be provided upfront as soon as they are processed using the Tax and Revenue Anticipation Note, or TRAN.

The plan is to pay back the TRAN within 9 months using cash receipts that were previously used to sporadically pay refunds. Additionally, the release says, the government can save money since the TRAN’s interest is 111 points below the current interest of 4.11-percent paid on refunds.

Troy Torres, senior advisor to the governor, says Adelup lacks confidence a bill to float a line of credit for tax refunds would get a fair shake from Sen. Mike San Nicolas. That has caused, in part, a special legislative session on the matter later this month. But despite forcing deliberations and voting on its TRAN, the governor’s office will hold two public hearings to discuss the bill with residents beforehand.

 

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