$12M rebates, child tax out today

The Department of Finance will be releasing tax rebates, refunds, and child tax checks amounting to a total of $12 million starting today, just 24 days after the filing deadline of April 16, 2018.

In a statement announcing the release of the funds, Finance Secretary Larissa Larson said the first batch of refunds and rebates amount to over $5.7 million for Saipan, $397,998.64 for Tinian, and $430,917.53 for Rota.

Saipan refunds would be released in the mail while the Finance offices for Tinian and Rota would release their respective refunds.

Larson noted over $4.95 million in child tax credits, as well as $490,199.35 in tax loans through Bank of Saipan and Express Financial would be released.

Gov. Ralph DLG Torres commended Finance and the “hardworking employees of Revenue and Taxation” for their efficiency in processing tax filings this early.

“The department has made real progress over the last few years in scheduled releases and assisting our community,” he said.

Torres noted that Finance released $9.9 million in rebates in June 2016 and $11.7 million in mid-May 2017.

“I thank our Division of Electronic Data Processing and the CNMI Treasury for their hard work. I also appreciated the community’s cooperation and patience as we move forward,” said Torres.

Larson noted that if there are any pending issues from prior tax filings, a delay in the release of tax checks might be expected. Larson reminds the public to “clear those prior year items at their earliest convenience.”

“If you have not received your tax refund/rebate/child tax checks by June 1, 2018, filers can contact the Division of Revenue and Taxation to clear any issues that may be pending,” Larson said in a statement from Finance, adding that this included taxpayers who have not received their refund, rebate, and child taxes for calendar year 2016.

The same statement noted that taxpayers are asked to allow for a two-week allowance to allow the U.S. Postal Service to sort and distribute mail.

Rep. Angel A. Demapan (R-Saipan), who is also the chairman of the House Committee on Ways and Means, said in a statement that the “significantly early” release of refunds and rebates to taxpayers is an indication of economic growth and fiscal solvency of the CNMI.

“… This is yet the latest of a series of testaments to the progress we have collectively achieved as a Commonwealth. It is my hope that we will continue this positive trend so that all taxpayers receive their refunds and rebates in the same timely manner next year and in the years ahead,” he said.