By Mar-Vic Cagurangan
Variety News Staff

REVENUE and Taxation director Art Ilagan assures earned income tax credit claimants that the government of Guam has available cash to pay its obligation.
“We have reserved $10 million based on the court order to set aside 15 percent of the refund money for EITC,” Ilagan told Variety.
He said the available cash will be distributed within 60 days as ordered by the federal court.
“In 35 days, we have to come up with a master list of people who are eligible to receive EITC. We will then send them letters giving them instruction on how to file for their EITC claims,” Ilagan said.
U.S. District Court of Guam and NMI Chief Judge Frances Tydingco-Gatewood on Tuesday granted preliminary approval of the $90 million EITC settlement agreement between Gov. Felix P. Camacho and members of the class suit.
The initial court endorsement of the proposed agreement has paved the way for the immediate payout of $10 million to those who have EITC claims from 1997 and 1998.
Ilagan said the rest of the claims will be paid out over the next eight years. “If the administration’s bond borrowing proposal is approved, then we will be able to pay all of our debts,” he added.