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Governor Announces Approval of Tax Rebate Funding |
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February 21, 2008
The Internal Revenue Service has agreed to front the Guam Department of Revenue and Taxation an estimated $40 million for tax rebates proposed by President Bush to our island's taxpayers. Governor Felix P. Camacho was notified this morning of the IRS's decision and is calling on lawmakers to assist the Department of Revenue and Taxation in funding the capacity to process these rebates.
"This is exciting news for our taxpayers who work hard every day and deserve to have these rebates as soon as possible," Governor Camacho said. "We are working on an overtime plan to address these processing needs. It is critical we come together to ensure the manpower required to process the rebates is made available."
The public is encouraged to file their 2007 tax returns. The funding is for tax rebates under the President's plan only.
Single filers may be eligible for up to $600. Joint return filers may be eligible for up to $1200 and an additional $300 will be given for each qualifying child.
Governor Camacho directed Guam Department of Revenue and Taxation Director Artemio Ilagan to request the funds from the U.S. Department of the Treasury. The estimated $40 million figure is based on 2004 tax returns filed.
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