THE Department of Finance-Division of Revenue and Taxation has announced the implementation of the second local stimulus relief program.
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.
It will provide $500 to each eligible filer and dependent via debit cards that will be issued within the next three to four weeks or in mid-June.
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 time frame.
According to DRT Director Norita, new stimulus cards will be issued.
Cards will be mailed to the address on the 2021 1040CM-Individual Income Tax return.
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 purpose of the issued stimulus card is for funds to be spent within the CNMI.
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.
