SECRETARY of Finance David DLG Atalig on Thursday said the CNMI expects about $85 million for the first distribution of the third stimulus funds.
He said his department and its Division of Revenue and Taxation have been finalizing the agreement with the Internal Revenue Service so that the federal funds can go through the CNMI Treasury.
The funds for the direct deposits are expected to be remitted first, while the paper checks will be sent out afterward for those who did not opt for direct deposit.
Atalig said Finance expects to receive an estimated total of $120 million in federal funds, and can submit a request for additional funds if needed.
The third stimulus program amounts to $1,400 per taxpayer, roughly a 233% increase compared to the second stimulus of $600 per taxpayer when the CNMI distributed over $52 million.
Atalig said the 2019 tax returns are being utilized for the stimulus programs, but “should there be adjustments based on the 2020 tax returns, we will also have funds available for those eligible for the stimulus in the 2020 tax returns, and we will be able to release stimulus checks based on those data.”
He added, “To those who do not qualify in 2020, again, they still have an opportunity to receive some stimulus money. Unfortunately, it won’t be recorded until they submit their 2021 tax returns, which will be next year, next spring.”
An estimated 31,000 taxpayers should benefit from this third stimulus program, Atalig said.
David DLG Atalig
