THE CNMI government has issued a total of $27.8 million in tax refunds for 21,654 taxpayers, the Department of Finance announced Thursday.
In a media statement, Finance said the amount is for refunds and rebates, child tax credits, and Earned Income Tax Credits, and will provide “substantial financial relief to CNMI taxpayers.”
The breakdown of the refunds is as follows:
• Refunds and rebates: $5,477,079
• Child tax credit: $6,544,404
• Earned Income Tax Credit or EITC: $15,793,316
Finance said child tax credit and EITC, which are federally funded, “are critical tax credit programs that support qualifying families with children and low to moderate-income working individuals and families, respectively.”
Finance estimated that approximately 65% of 1040CM returns have been successfully processed.
Variety was told earlier this week that the rest of the 1040 returns were “still waiting to be paid out” and were still with the CNMI Treasury.
Finance said the Division of Revenue & Taxation is processing returns daily, and refunds are uploaded weekly.
As of this week, Finance said, Rev & Tax will begin processing the American Opportunity Tax Credit refunds and will keep the public updated on its progress regarding more complex returns.
Gov. Arnold I. Palacios, for his part, said, “Tax refunds provide much needed financial relief to our residents and stimulate our local economy.” He commends the Department of Finance for its “diligent efforts in processing these refunds.”
For her part, Finance Secretary Tracy B. Norita said, “Our team has been working hard to ensure that all eligible taxpayers receive their refunds promptly and we continue to release batches weekly.”
“The timely distribution of over $27 million is a testament to our commitment to efficient and effective public service, and we’re thankful for the community’s patience as we push forward this tax season,” she added.
She also urged taxpayers who have yet to receive their refunds to contact the Division of Revenue and Taxation at (670) 664-1040. For more information, visit the Department of Finance’s website at www.finance.gov.mp/.
