DEPARTMENT of Finance-Division of Revenue and Taxation Director Tracy Norita on Friday said over $880,000 in advanced or increased child tax credits have been distributed over the past few weeks.
The payments, she said, have been made through direct deposits or physical checks, with roughly $700,000 disbursed through direct deposits.
Norita said eligible taxpayers will receive their payment as soon as DRT receives vital tax information from them.
She noted that since the launch of the online portal for CNMI advanced child tax credits, people have already registered.
Those who have registered on the portal with no errors, and have a completed submission, will receive their child tax credit payments.
They can opt to receive their payment through direct deposit or a physical check.
Families who have yet to avail themselves of the online portal or have yet to submit a form for the advanced child tax credits are encouraged to do so in order to receive their payments.
CNMI child tax credits will be disbursed on a monthly basis for eligible families with each family receiving benefits depending on the age of the child.
If eligible, families will receive either $250 or $300 per child on a monthly basis until the end of this year.
“Those that elected for direct deposit should see something in their bank accounts within a couple days,” said Norita, encouraging eligible families to check their accounts or their mail for their payments.
She added that DRT still has another batch of checks to mail out and will regularly give updates and release payments.
A team from the Department of Finance has been tasked to work specifically on the advance child tax credit program, she noted.
Those who chose the direct deposit payment method but input incorrect information will have their payments converted to paper checks.
“If you’re expecting a direct deposit and you did not see it, you might be getting a check in the mail if you input invalid information,” she said.
The Internal Revenue Service began releasing monthly advanced child tax credits in the U.S. as part of the American Rescue Plan Act.
Every family qualified for child tax credits and with a child between the ages of 6 and 17 will receive a total of $3,000 of this tax credit.
Those with children 5 years of age or younger will receive a total of $3,600 per child.
