The Department of Finance is now preparing the second batch of checks for the Earned Income Tax Credit to settle portion of the government’s outstanding obligation to taxpayers, according to Gov. Pedro P. Tenorio.<\/p>\n
However, the governor declined to say when the partial EITC payment will be released.<\/p>\n
Last month the finance department disbursed 25 percent of the tax credit due to each recipient under a payment plan drawn up to settle the long-delayed EITC for tax year 1997.<\/p>\n
Lack of funds has delayed its release to over 2,500 recipients who have been waiting for the their checks since last year. The government needs to raise $6.2 million in EITC funds to pay out taxpayers, mostly from low-income families.<\/p>\n
DOF previously said that it hoped to complete EITC payment by November.<\/p>\n
“I understand that the finance department is already preparing the checks for EIC. I want to tell the people that we will continue to do our best to meet our obligation,” the governor said in an interview, as he assured taxpayers that the release of money for tax credits will not impede the disbursement of checks for rebates.<\/p>\n
A total of $28.07 million in rebates and refunds have been paid out by the finance office for the previous tax year to more than 42,000 individual and corporate taxpayers.<\/p>\n","protected":false},"excerpt":{"rendered":"
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