<home> -- <press releases> -- <February 22, 2008>

U.S. Treasury Preparing Guam Rebate Fund Transfer
 

FOR IMMEDIATE RELEASE - April 25, 2008– Washington, D.C. –

Congresswoman Madeleine Z. Bordallo today received confirmation from the U.S. Department of Treasury that Guam would be receiving funds to pay out tax rebates as part of the Economic Stimulus Act of 2008 very soon.

The Economic Stimulus Act of 2008 became law in February of this year, and includes a provision for federal coverage of the tax rebates for qualifying taxpayers and families on Guam and in the other territories.  The amendment to the House bill requested by Congresswoman Bordallo and the other Delegates also provided authority for the funds to be advanced to the territorial treasuries from the federal treasury, rather than being reimbursed to the local treasuries.

“The Department of the Treasury informed me that the funds for Guam to pay rebates to our residents will be transferred within the next few weeks, and that they are working with the Guam Department of Revenue and Taxation so that Guam implements the Economic Stimulus Act of 2008 in a timely manner for our local taxpayers,” Congresswoman Bordallo said today. “These recovery rebates will help our people cope with the rising cost of living in Guam, and will help to stimulate the economy.”

The Recovery Rebate program would give rebates of up to $600 for single filers making less than $75,000.  Couples making less than $150,000 would receive rebates of up to $1,200.  Parents would receive $300 in additional rebates per child.  Tax filers who do not owe income taxes but have at least $3,000 in income would receive a $300 rebate.

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Contact: Joseph E. Duenas in Washington, D.C. at 202-225-1188 or Audreya Taitano at 671-477-4272/4

joseph.duenas@mail.house.gov or audreya.taitano@mail.house.gov

www.house.gov/bordallo

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