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Tax windfall gives economy a boost
Wednesday,
April 30, 2008
Governor Togiola is delighted that the $20,4 million in federal tax rebates and credits will inject new money into the local economy.
In a statement issued this morning he announced that the U.S. Treasury has accepted ASG’s plan for the disbursement of tax rebates from President Bush’s economic growth package, or tax stimulus plan. He said “This is great news for the people of American Samoa as it will give us a big boost in our economy. He asks the public for their patience in allowing Treasury and the Tax Office staff to perform their duties in testing and checking the level of payments for each tax payer and the information that it currently has in its system. Said the governor, the checks are not ready, yet. The tax stimulus rebate is from federal funds, so we must be sure that we have the accurate numbers and not issue above the amount.” He appealed please do not rush to EOB for your rebate checks this week.Governor Togiola said $20.4 million has been received from the U.S. Treasury and is being held in a separate account.
After a final tax system check, that includes eligibility and qualifications criteria check and recalculations by Treasury and the Tax Office, tax rebate checks will be issued within two weeks. The governor advises listen out for the announcement for rebate check distribution and not to visit the Disbursing Office in Utulei for checks, yet. The tax stimulus rebates will provide “eligible” tax payers with payments of $300 to a maximum of $600 per taxpayer, and $300 per qualifying child. The Tax Office says not everyone will qualify.Governor Togiola expressed his gratitude to the Department of Treasury and staff for working diligently to secure the economic growth package for the Territory. He commended Treasurer Gaea Perefoti Failautusi and Tax Manager Melvin Joseph for their excellent work with the U.S. Treasury to ensure that taxpayers eligible for the tax rebate will receive then. He especially thanked Mr. Joseph for developing a successful plan with the U.S. Treasurer that assures all eligible tax payers are covered in this single payment. He said with the high cost of gasoline and food, this is wonderful news for our people and our economy.”
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