The Department of Finance said yesterday that the total available funding to the CNMI for Economic Impact Payments, also known as the stimulus checks, has increased to $54.7 million—an increase of $7.6 million.
“The approval in the increase in funding speaks to our commitment as a government to make sure every eligible taxpayer in the CNMI is provided this assistance. We will continue to make sure that all federal assistance, including the Pandemic Unemployment Assistance and the rest of the stimulus checks, are disbursed in a timely manner for approved recipients,” said Lt. Gov. Arnold I. Palacios.
Over 90% of this funding has been transferred to the CNMI in order to release payments as rapidly as possible. As of June 30, 2020, the Division of Revenue & Taxation had paid out 32,488 taxpayers in the amount of $49,891,321.42, with 12,821 qualifying dependents claimed.
The division continues to make adjustments to these claims for ineligible recipients, such as deceased or incarcerated taxpayers, or taxpayers that no longer reside in the CNMI. All recipients are encouraged to return payments that are believed to be erroneous or duplicate payments. Such payments will be subject to DRT collection.
According to Finance Secretary David DLG Atalig, the division is working to enter all tax returns as they are received so that these taxpayers will be included in the weekly release of stimulus funds.
Taxpayers who received a check and are entitled to more funds will be able to claim those funds on their 2020 income tax return. Notices have been sent to each taxpayer via mail delivery confirming amounts that have been paid. All taxpayers are encouraged to keep these notices as documentation of their payment, especially when claiming additional funds.
For additional guidance regarding eligibility for an Economic Impact Payment, or stimulus check, visit https://www.irs.gov/coronavirus/economic-impact-payment-information-center.
Additionally, the division will be processing the first batch of child tax refunds in the coming weeks. All who anticipate to receive a child tax refund are encouraged to file a return as soon as possible. (PR)