Deposit of Funds

The Director of the Department of Administration

(DOA)shall directly deposit, upon receipt of any payment of income tax, including, but not limited to, individual, corporate and withholding taxes, interest and penalties, to the Trust Fund a portion of the tax payment received to be calculated by multiplying the amount of the tax payment received by COL10312014 CH. 51 INCOME TAX REFUND EFFICIENT PAYMENT TRUST FUND ACT OF 2002 the quotient derived by the provision for tax refunds (the dividend) divided by the total income taxes, including, but not limited to, individual, corporate and withholding taxes, interest and penalties, (the divisor) amounts adopted in the pertinent government of Guam fiscal year budget, so that, at the end of the fiscal year, the total amount set aside in said budget for income tax refunds, the earned income tax credit and advanced child tax credits shall have been deposited in said Fund. The funds deposited in the Trust Fund by the Director of Administration shall immediately be transferred to the Income Tax Reserve Fund upon the written request of the Tax Commissioner for payments made pursuant to § 50105 of Chapter 50, Division 2 of Title 11 of the Guam Code Annotated. The interest earned by money in the Trust Fund shall be held in the Fund.