An additional $25.5 million in tax refunds will be released by the end of this week, according to a statement issued by the governor’s office Tuesday.
Governor Lou Leon Guerrero is quoted in the statement as saying that “the goal is to release over 11,000” refund checks.
The governor’s statement does not say on which day this week the checks will be mailed out. It indicates the Department of Administration is still preparing the checks.
The refund checks should cover error-free returns filed through March 31.
Refunds filed on April 1 and later will be issued shortly after that, according to the statement which says “the Department of Revenue and Taxation is still processing the remaining 7,000 additional returns.”
The governor’s statement says that the balance owed in tax refunds is about $42 million. The $25.5 million in checks being sent out this week will reduce that balance to $16.5 million still owed to Guam taxpayers.
For the past few months the Department of Administration has been mailing several hundred refund checks each week amounting to no more than $3 million to $4 million.
The sudden surge in refund payments this week is due to the $70 million in Section 30 funds GovGuam received last week from the federal government.
Section 30 funds are primarily withholding tax payments from federal employees and military service members who work on Guam. The federal government remits that money to GovGuam every September. Section 30 funds have typically been used to pay tax refunds each year.