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Finance still awaiting $7M child tax from IRS
The Department of Finance is still waiting to receive from the Internal Revenue Service the $7 million in funding for the child tax credit for the CNMI.
Speaking at the radio briefing Tuesday Finance Secretary David Atalig said that the department, while “anxiously” waiting for the IRS to approve their submission request, has already been preparing a request for a second batch, worth “a couple more millions” to the IRS.
Atalig stated in an earlier interview that the first batch is usually reviewed differently every year to ensure that any new updates on tax credit laws are in place, and that calculations are accurate. Finance will release the child tax credits as soon as funds are received from the IRS.
For the regular tax returns, the department is targeting that everything will be ready to go in September, with the timeline set for the Division of Revenue and Taxation.
As for the economic impact payments, Atalig stated that, as of July 30, Finance already issued 33,010 stimulus checks worth $50,953,844.38, with 929 still pending, worth $1,504,521.14.
“We’re about 95% of our adjusted projected [payouts]. We started the stimulus program with $47.1 million. We’re now closer to $56 million. We have distributed about $54 million, [and] we still continue to draw down and give out stimulus check. Last week, we issued out about $3 million,” he said.
While a bulk of the work is done, there are still a lot of taxpayers who are resolving their tax returns issues. “As they resolve it, and they show that they’re qualified for it, then we’ll pay,” Atalig said.
Stimulus checks provide up to $1,200 for every eligible individual, $2,400 for joint returns, and $500 for every qualifying child.
For issues on stimulus checks, contact the Division of Revenue and Taxation via email at email at stimulus@dof.gov.mp, call 664-1067, 664-1000, or 664-1019, or visit the Department of Finance at the Joeten-Dandan Building, Monday to Friday, 7:30am to 4:30pm.
