ATALIG TO ELIGIBLE TAXPAYERS:
Atalig says next tax season is exciting because of Earned Income Tax Credit
Finance Secretary David DLG. Atalig is advising eligible taxpayers to make sure to enter into their web portal so they will receive their advance child tax credit.
“The portal is their ticket in order to get their advance child tax,” said Atalig during Friday’s press briefing.
Finance launched the CNMI Advance Child Tax Credit Update Portal last Aug. 27.
Atalig said they will continue releasing payments for advance child tax credit through the end of December 2021 as the American Rescue Plan Act allows it.
The CNMI has been making monthly payments of the child tax credit to eligible families amounting to $250 or $300 each month, depending on the age of the child.
Majority opted for direct deposit.
ARPA, which was passed in the U.S. House of Representatives last March 10, contains the largest child tax credit ever for families. The credit goes from $2,000 per child to $3,000 per child for children from age 6 through 17. For children under age 6, the credit is raised from $2,000 to $3,600.
Atalig said they also continue to roll out tax refunds.
He said the next tax season is exciting as they’re applying the Earned Income Tax Credits for all residents and taxpayers.
EITC is a refundable tax credit in the U.S. Internal Revenue Service Code that helps qualified low-to moderate-income working families and taxpayers get a tax break by allowing them to use the credit to reduce the taxes they owe, and in some cases, increase their tax refunds.
“So that’s a lot of exciting things happening with the Revenue and Tax of the Department of Finance,” Atalig said.
Last June, Lt. Gov. Arnold I. Palacios, acting in his capacity as then-acting governor, signed into law a bill that would repeal an existing law in order to make low-and moderate-income working families in the CNMI eligible for the EITC as a form of financial relief.