Finance processing $3.3M in tax refunds for July release

Taxpayers in the CNMI can expect to get their tax rebates by the middle of July.

The Department of Finance is currently processing the next batch of refunds, rebates, and child tax credit funds that will be approximately $3.3 million to close to 5,000 taxpayers, a statement from the Office of the Governor said.

This batch will be released to those taxpayers who filed their returns by March 31, 2015.

Refund, rebates, and child tax credit checks will be sent by mail over the weekend and are expected to reach taxpayers by next week, the statement said.

“Our efforts are geared to releasing your tax refunds at the earliest possible time. I appreciate your patience as we continue to process the rest of the refunds to be mailed out,” Finance Secretary Larissa Larson said.

First batch

Early this week, the Finance department’s Division of Revenue and Taxation released tax refund and rebate checks to 232 taxpayers who had borrowed against their refund or rebate amounts at the Bank of Saipan or Express Financial.

The amount released in the initial dispersal totaled to approximately $381,490.

Bank of Saipan and Express Financial offered taxpayers a loan program in which their expected rebate or refund served as collateral.

Additionally, the department also released all American Opportunity Tax Credits payments that have been cleared. A total of $52,152.86 will be released to the 57 taxpayers who claimed the credit for educational expenses on their 2014 tax returns.

Thankful

Gov. Eloy S. Inos said he is “pleased” with the work of the department.

“I am pleased with the work by the staff of the Department of Finance and everyone involved for their hard work in processing and releasing these payments to our taxpayers. I know many of us remember the days where taxpayers were forced to wait an unreasonable amount of time to receive the money that they were entitled to,” Inos said.

He further lauded the efforts of the Finance chief “for her diligence and offer the administrations gratitude to Bank of Saipan and Express Financial for offering our taxpayers an option for smoothing the transition between tax filing and the dispersal of the refunds and rebates.”

Lt. Gov. Ralph DLG. Torres, meanwhile, thanked CNMI taxpayers “for their patience.”

“Thank you to the many taxpayers in the CNMI for your patience during this period. The department staff is committed to the timely release of these payments and the full release is underway. If you do not receive your refund/rebate/child tax checks by the middle of July, please contact the Division of Revenue and Taxation and inquire if they have any issues that may be holding up release of your checks,” Torres said.