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$5.3M Child Tax Credit refunds out tomorrow
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Posted on Jun 01 2023
The Department of Finance’s Division of Revenue and Taxation will be releasing tomorrow, Friday, the first batch of Child Tax Credit refunds totaling $5.3 million for 3,000 taxpayers.
“I commend the Department of Finance team for their commitment in processing the Child Tax Credit refunds quickly to distribute these funds and tax credits to families,” said Gov. Arnold I. Palacios in a statement yesterday.
Of the first batch of CTC refunds for tax year 2022, about 1,000 of those taxpayers are for direct deposit.
Taxpayers choosing direct deposit will receive their funds tomorrow, Friday, according to the Office of the Governor.
Those opting for checks should allow three to five working days for the U.S. Postal Service to sort and distribute mail.
The Office of the Governor noted that if direct deposit bank information has errors, the refund will be converted to a check.
The Division of Revenue and Taxation will continue to process tax refunds on a bi-weekly basis to allow the week in between to process government payroll and other payables.
Palacios and and Lt. Gov. David M. Apatang thanked the Finance team for their diligence and hard work in processing the CTC refunds. They asked for everyone to continue to exercise patience as the refund process continues.
The Office of the Governor advised those who have questions about their CTC refunds to contact the Division of Revenue and Taxation Call Center at (670) 664-1040.
Last May 19, Revenue and Taxation disbursed for the tax year 2022 the first batch of refunds for the Earned Income Tax Credits and 2022 individual income tax refunds consisting of returns without any business-related information.
Th first batch was composed of 3,682 taxpayers for EITC totaling $5.3 million and 4,190 for regular rebates totaling $3 million.
