SECRETARY of Finance David DLG Atalig on Friday said of the $25 million allocated for the second round of the local stimulus, about $17 million in prepaid stimulus debit cards will be disbursed as early as June 20.
The remaining funds will be reserved for late filers who have until December 31, 2022, at the absolute latest to file a tax return and be eligible for the local stimulus.
“I don’t advise people to wait until the end. We have the funds now. We want to make sure that we assist our community with these funds,” said Atalig.
“I am very confident that they will start seeing the cards in their [mailboxes] as soon as June 20.”
Those who have zero income, as well as those who are not required to file a tax return — such as those who receive Social Security benefits or disability benefits — are still required to file a tax return to avail themselves of the second round of the local stimulus program.
Each eligible filer, including their eligible independents, are expected to receive $500 each.
The head of the household on the tax return will receive a single prepaid stimulus debit card for their entire household, similar to the first round of the local stimulus program.
The stimulus debit cards for the first round have expired and can be discarded, Atalig said.
“Why do we have an expiration date? It’s because we want our people to use the money now. Let them use it to help. Our businesses needed assistance, and this will help them as well,” he said.
“Unfortunately, there are some [individuals] who did not use all of their stimulus money [for the first round]… Basically, it’s ‘use it or lose it.’ The government is not giving out savings cards to people. We’re asking them to spend the money in our economy,” he noted.
“I just want to remind the public that this program that we’re doing is to help our community. It is a stimulus card. It is to stimulate our economy. It is to help our local vendors, our local small businesses, and to help our community get the assistance they need to help combat… inflation and the high cost of fuel.
“This is a local stimulus controlled by the local government. We want to help our local vendors. We want to stimulate the Commonwealth’s economy. We do not want to stimulate other jurisdictions as much as we can, and therefore, we keep the debit cards that are only accepted in the Commonwealth and can’t be used outside, simply to stimulate the Commonwealth. That’s the whole program,” he said.
Moreover, “you get a tax refund; you can do whatever you want with that and use your tax refunds to any vendor or send it all away outside of our borders. That’s their money. But the Commonwealth and the government and our focus is to help our local economy. And, in turn, it helps our government receive business gross receipts, and then it helps keep the money flowing in our borders.”
Atalig encouraged small businesses to accept these cards at their businesses in order to avail themselves of the funds on their patrons’ stimulus cards.
“I am very appreciative of the staff at the Division of Revenue and Taxation for a lot of their hard work to make this happen. We’re excited about helping our community with this stimulus roll out… We have a very capable call center staff to help them with their needs,” he said.
Otherwise known as the second local economic impact payment, or LEIP, the local stimulus was executed by Gov. Ralph DLG Torres, acting Finance Secretary Margaret C. Torres, and DRT Director Tracy Norita on Thursday, May 26.
Payment is based on the 2021 1040CM-Individual Income Tax Return and follows the same eligibility guidelines as the first stimulus program.
Taxpayers who have not filed a 2021 income tax return must file in order to receive a payment.
DRT will continue to process stimulus cards through December 31, 2022.
Funds deposited into local stimulus cards will expire by January 31, 2023, and will no longer be available after that date, despite the expiration date of the card.
Taxpayers are encouraged to spend these funds within the allowable timeframe.
Cards will be mailed to the address on the 2021 1040CM-Individual Income Tax Return of the head of household.
In order to update mailing information, taxpayers must file Form 8822 with DRT, and are also encouraged to notify the postal service of change of address should cards already be mailed to the address on file.
The Department of Finance said it is not liable for any unauthorized use of the card provided.
For taxpayers experiencing issues with their card, or for balance information, individuals are encouraged to call the number on the back of their card.
For lost or stolen cards, taxpayers must visit DRT in person with proper identification to be issued a replacement card.
The second local stimulus is considered taxable under the NMTIT and earnings tax, unless excluded by legislation.
For more information, contact the DRT Call Center at (670) 664-1040.
David DLG Atalig
