Tax rebate and refund checks could be released soon, while the Department of Finance also eyes the release of child tax credit checks in time for the opening of public schools next month.
Press secretary Angel Demapan said while he has yet to receive figures, he confirmed that the Department of Finance is done with inputting of the 2011 tax returns and is now in the process of matching/assessing and testing.
He also said Finance hopes to send out the first batch of child tax check requests to the U.S. Internal Revenue Service within the next week or so.
After the IRS approves and transfers funds, Finance will be able to cut the checks and release immediately.
“It is the administration's hope that these much needed funds will arrive around the same time that public schools start the school year. However, this largely depends on when the IRS approves the transfer of funds,” Demapan told Saipan Tribune.
The federal child tax credit is available to taxpayers who have a child under the age of 17. It is worth up to $1,000 per “qualifying” child.
In general, a “qualifying” child is any individual for whom the taxpayer can claim a dependency exemption and who is the taxpayer's son or daughter, stepson or stepdaughter, brother or sister, or eligible foster child.
A refund is for tax that has been overpaid or incorrectly paid, and is returned to the taxpayer. It is different from the rebate, which is for tax properly paid and is subsequently returned to the taxpayer under a rebate provision.
Last year, the first batch of rebate and refund checks didn't come out until October, much later than in previous years when these checks were released in July or earlier.