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Finance to release more than $5 million in child tax refunds

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(Office of the Governor) — Gov. Ralph DLG Torres and Lt. Gov. Arnold I. Palacios announced on Wednesday that the Department of Finance is set to release its first distribution of 3,039 tax refund checks for the Additional Child Tax Credit or ACTC amounting to $5.54 million.

“We thank our community’s patience as Finance and Rev & Tax work hard to process these tax returns for distribution this week. Lt. Governor Palacios and I thank Secretary of Finance David DLG Atalig and Director of Revenue and Taxation Tracy B. Norita, as well as their hardworking teams, for their hard work and dedication to getting these checks out to families,” said Governor Torres.

Taxpayers who selected direct deposit on their 1040CM tax return will receive this refund in their designated bank accounts.  The Division of Revenue & Taxation continues to process tax returns that claim the ACTC to get these funds out as quickly as possible.

Revenue & Taxation has seen an increase in error flags for the ACTC, due to many taxpayers improperly claiming dependents.  Tax returns that have been amended multiple times due to corrections to number of dependents have been held for further review and audit. These amendments were mostly related to the issuance of the Economic Impact Payments, better known as the “stimulus checks.”

“The Division of Revenue and Taxation is working diligently to process all tax returns as they are received so that these taxpayers will be included in the subsequent check releases,” said Secretary Atalig. 

All taxpayers are asked to allow two weeks’ time for time for the U.S. Postal Service to sort and distribute mail.

 

 

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