Finance prepares release of $2.5M in 2nd batch of tax refund
While some people already received their income tax refunds last week, a larger number of taxpayers will get their hands on their refunds early this week as part of the first batch the Department of Finance released, processing close to 10,000 checks worth close to $5 million.
Speaking at a radio news press briefing Friday, Finance Secretary David DLG Atalig also disclosed that they already processed last Thursday the fourth batch of child tax credits worth $160,000.
Regarding income tax refunds, Atalig said they just processed a huge batch that was on its way to the post office that morning, Friday. “So we should have some happy people over the weekend and early next week,” he had said.
Atalig expects to release the second batch of the income tax refunds within seven to 10 days. He said they’re preparing about $2.5 million worth of tax refunds for the next batch.
“If I receive more funds than I expect, then we’re prepared to add more to include a third batch that we’re able to release for our taxpayers,” Atalig said.
With respect to child tax credits, he said they processed and released Thursday the fourth batch worth about $160,000.
Atalig said the fifth batch is scheduled for release at the end of this week.
He said Revenue & Tax is finalizing its numbers of the fifth batch and that he should be getting that request later that day, Friday.
The secretary noted that the Internal Revenue Services has been very quick in responding to the CNMI’s batch requests. “So we anticipate receiving the money by the end of next week and releasing that batch, the fifth batch of child tax credits,” he said.
He said they already released about $10.2 million child tax credits and are anticipating about $11.2 million to $11.5 million more, based on what they have at Revenue & Tax. “We’re almost there. We’re already going into our fifth batch,” Atalig said.
On the Pandemic Unemployment Assistance, Atalig said they processed a batch last Thursday, but that he has no additional details about it.