The Guam Department of Revenue and Taxation (“DRT”) has processed the first of five installments for the Advance Child Tax Credit (“Adv CTC”) for Guam residents. A total of 15,556 payments totaling $8,499,895 million were processed on Monday.
The American Rescue Plan Act of 2021 authorized the Advance Child Tax Credit. It gave mirror code territories the opportunity to elect to opt into the Advance CTC for their respective jurisdictions. If the government of Guam did not opt-in, Guam residents would have to wait until they filed their 2021 Guam income tax returns in calendar year 2022 to benefit from the enhancements to the Child Tax Credit.