Over 21K tax refunds totaling $27.8M issued

Division of Revenue and Taxation has issued 21,654 tax refunds totaling more than $27.8 million. This distribution includes refunds and rebates, Child Tax Credits, and Earned Income Tax Credits, providing substantial financial relief to CNMI taxpayers.

The breakdown of the refunds is as follows:

• Refunds and Rebates: $5,477,079

• Child Tax Credit (CTC): $6,544,404

• Earned Income Tax Credit (EITC): $15,793,316

CTC and EITC are critical tax credit programs that support qualifying families with children and low to moderate-income working individuals and families, respectively.

DRT estimates that approximately 65% of 1040CM returns have been successfully processed. The DRT team processes tax returns daily, and refunds are uploaded weekly.

As of this week, DRT will begin processing the American Opportunity Tax Credit refunds and will keep the public updated on its progress on more complex returns.

“Tax refunds provide much needed financial relief to our residents and stimulate our local economy,” Gov. Arnold I. Palacios said. “I commend the Department of Finance for their diligent efforts in processing these refunds.”

“Our team has been working hard to ensure that all eligible taxpayers receive their refunds promptly and we continue to release batches weekly,” Secretary of Finance Tracy B. Norita said. “The timely distribution of over $27 million is a testament to our commitment to efficient and effective public service, and we’re thankful for the community’s patience as we push forward this tax season.”

Norita urges taxpayers who have yet to receive their refunds to check their status by contacting the Division of Revenue and Taxation at (670) 664-1040. For more information, visit the CNMI Department of Finance’s website at www.finance.gov.mp. (PR)

Tracy B. Norita