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$41.3M for 2nd stimulus checks OK’d
The U.S. Department of the Treasury has approved the CNMI 2020 Recovery Rebate Credit and Second Economic Impact Payments Plan that will lead to the release of another round of stimulus checks in the Commonwealth.
The Department of Finance’s Division of Revenue & Taxation is expected to process nearly 31,000 checks for the second Economic Impact Payments. Eligibility and payment amount will be determined based on only 2019 tax returns. Each eligible individual is entitled to a $600 payment ($1,200 for those filing a joint return) and $600 per qualifying child.
DRT has immediately prioritized the configuration of the tax system to comply with the approved implementation plan and expects the first batch of payments to be processed as soon as next week. Valid direct deposit information provided to the Department of Finance in the first stimulus will be used in the second stimulus.
Finance will reopen the online stimulus portal within the next few days on the department website for taxpayers to submit direct deposit information to receive their payment as soon as possible. Portal security features are in place to ensure taxpayer identity and avoid errors in bank information.
According to the approved plan, a 60-day deadline (March 21, 2021) is in place for DRT to release the stimulus payments, after which taxpayers can claim their payment as a recovery rebate credit on the 2020 1040-CM Income Tax Return.
“We appreciate the community’s patience as the Department of Finance expeditiously processes this new round of stimulus payments for our community,” said Gov. Ralph DLG Torres yesterday. “We are grateful to the President and the U.S. Congress for enacting this important legislation and the U.S. Treasury for their approval of our plan, so that we can get this much needed assistance for our people. I want to personally thank Secretary of Finance David DLG. Atalig, director of Revenue and Taxation Tracy B. Norita, and the whole Finance team for their hard work and leadership in initiating another smooth delivery of stimulus checks.”
The second stimulus checks are provided pursuant to Section 272(c) of the COVID-related Tax Relief Act of 2020 (“CRTRA”), U.S. Public Law 116-260, which President Donald J. Trump signed on Dec. 27, 2020.
The public is being urged to continue to follow updates from the Department of Finance and the Office of the Governor for the latest information. (PR)
