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Child tax credit checks now out
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Posted on Jul 04 2008
About 3,000 families in the Commonwealth can expect to receive federal child tax credits beginning Monday.
Finance Secretary Eloy Inos announced yesterday that it had begun distributing about $2.6 million in child tax credits. The funds come from the U.S. Internal Revenue Service
“The checks are in the mail,” said Inos.
The child tax credit is available to taxpayers who have a child under the age of 17. 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.
The child tax credit is $1,000 per “qualifying” child.
The $2.6 million received for tax year 2007 is by far the largest amount the CNMI government has obtained for the payment of child tax credits. The CNMI got $1.4 million for tax year 2006, and $1.6 million for 2005.
The Fitial administration, in a press statement, commended the Department of Finance for processing the 2007 income tax returns promptly. The department’s swift action made possible the timely release of the child tax credits, the administration said.
The child tax credits come shortly after the Finance Department began releasing U.S. stimulus checks, some of which are still being processed.
Inos also reported that about $10 million to $15 million in CNMI tax rebates will be released in the next 60 days, based on the processing of filed 2007 tax returns.
“We are processing federal child tax credits and stimulus checks and keeping Governor Fitial’s commitment to the timely release of local CNMI refunds and rebates,” said Inos.
The Fitial administration began releasing local tax rebates last Christmas after receiving an additional $26 million in federal cover over funds. The administration has reserved a total of $32 million in federal cover over funds for the release of CNMI rebate and refunds according to CNMI law.
