President Panuelo Signs Public Law 21-152 Which Increases State Incomes by Exempting 20% of Revenues from Deposit into the FSM Trust Fund

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President Panuelo Signs Public Law 21-152 Which Increases State Incomes by Exempting 20% of Revenues from Deposit into the FSM Trust Fund

 

PALIKIR, Pohnpei—On July 20th, 2020, His Excellency David W. Panuelo signed Public Law 21-152. The law exempts the extra twenty percent (20%) of the share of revenues collected to the FSM National Government from being deposited into the State sub-accounts of the FSM Trust Fund for Fiscal Years 2021 and 2022; these funds will now be remitted to the States directly.

 

“I once again find myself humbled and deeply appreciative of the extraordinary leadership demonstrated by the Honorable Wesley W. Simina and the entire 21st FSM Congress,” President Panuelo said in a statement. “It has been made clear in my virtual meetings with the Governors that our State Governments are desperate for additional revenue to provide essential services while our Nation tackles the COVID-19 Pandemic. The call for additional resources has been universal and the Governors have been outspoken on this topic. I am enthusiastic to share this good news with the Honorable Henry S. Falan, the Honorable Johnson S. Elimo, the Honorable Reed B. Oliver, and the Honorable Carson K. Sigrah, that the States of Yap, Chuuk, Pohnpei, and Kosrae will benefit from additional revenue in the next two fiscal years.”

 

“What I am particularly grateful for,” the President continued, “is that since the funding is remitted directly to the States, the funding’s use is at their discretion through relevant State legislation. If one State is finding that it needs more funding in the Education Sector, it can use these funds for this purpose; if another State is finding that it needs more funding in the Health Sector, it can use these funds for this purpose.”

 

Citizens interested in reading Public Law 21-152 may find it here: https://gov.fm/files/PL_No__21-152_Exempting_Extra_20_Revenue_Shares_State_Sub-Accounts.pdf


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