IRS approves CNMI’s Economic Impact Payment implementation plan

CNMI Governor Ralph Torres (file photo)

The CNMI’s Economic Impact Payment (EIP) “Stimulus Check” Implementation Plan has been approved by the Internal Revenue Service.

CNMI’s Secretary of Finance David DLG. Atalig has received official notice from the US Department of the Treasury about the decision.

With the approval, the US Treasury will be able to transfer $37.6 million to the CNMI government within the next few days to release stimulus checks to eligible CNMI taxpayers.

“I’m proud to have joined our nation’s governors in working with the White House and Congress on this relief package. We extend our appreciation to President Donald J. Trump, Treasury Secretary Steven Mnuchin, Assistant Secretary for Tax Policy David J. Kautter, the IRS, and of course, our hardworking Department of Finance and Division Revenue and Tax employees led by Secretary of Finance David Atalig and DRT Director Tracy Norita,” said Governor Ralph DLG. Torres.

“We will be getting these checks out to our people as soon as possible. In addition to protecting everyone’s health, our priority is to get everyone the assistance they need, and we now have the funds to get this done,” he added.

All eligible CNMI residents, including SSA/RRB/VA/SSI beneficiaries and taxpayers with no filing requirement, must have filed either a 2018 or 2019 tax return with the CNMI Division of Revenue & Taxation to receive their stimulus check.

The refundable credit provides up to $1,200 for each eligible individual and $2,400 for joint returns, as well as $500 for each qualifying child.

“To benefit immediately from this stimulus, you must file an income tax return for 2018 or 2019. We encourage all residents to file a tax return; especially, pensioners and other individuals that typically do not have a filing requirement (income amounts equal to or less than the standard deduction amount allowed). Taxpayers who have not yet filed their 2019 returns, will be substituted with their 2018 return information,” said Atalig.

Stimulus refunds will be issued by direct deposit or check and mailed to the address indicated on the return, or last known address. The CNMI Department of Finance will announce the stimulus check web portal very soon to provide banking information.

To assist taxpayers in social distancing efforts, the CNMI Division of Revenue & Taxation is providing a tax return drop-box at the entrance of the office for easy and fast submission of tax forms. DRT will process returns as quickly as possible to ensure all eligible taxpayers receive their EIP in a timely manner.