GOVERNOR Ralph DLG Torres on Wednesday announced that the U.S. Department of the Treasury had approved $41.3 million for the CNMI’s 2020 Recovery Rebate Credit and Second Economic Impact Payments Plan.
The Department of Finance-Division of Revenue and Taxation is expected to process over 30,000 second economic impact payments, or EIP2, based on the 2019 tax returns of CNMI taxpayers.
As early as next week, the division will process the first batch of payments, in compliance with the approved implementation plan, according to a statement from the administration.
The division has 60 days, or until March 21, 2021, to release the EIP2 payments.
An eligible individual will receive a $600 payment — or $1,200 for joint returns — as well as $600 per qualifying child.
The online stimulus portal will reopen within the next few days on the CNMI Department of Finance website.
Taxpayers are encouraged to submit direct deposit information to receive their payments as soon as possible.
The portal has security features to protect the identity of taxpayers and to avoid errors in bank information.
“We appreciate the community’s patience as the Department of Finance expeditiously processes this new round of stimulus payments for our community,” Torres said.
Ralph DLG Torres
“We are grateful to the President and the U.S. Congress for enacting this important legislation and the U.S. Treasury for their approval of our plan, so that we can get this much needed assistance for our people.”
The governor also personally thanked Finance Secretary David DLG Atalig, Division of Revenue and Taxation Director Tracy Norita and the entire team at the Department of Finance for their hard work and leadership in initiating “another smooth delivery of stimulus checks.”
EIP2 funding was made possible by the Covid-Related Tax Relief Act of 2020 or U.S. Public Law 116-260, which was signed by President Donald J. Trump on Dec. 27, 2020.
