21 Apr 2008

CNMI to receive $15M stimulus package next month

9:38 am on 21 April 2008

The Department of Finance expects to receive the CNMI's portion of the federal economic stimulus package next month.

The Finance Secretary, Eloy Inos, told a legislative committee that the local government had reached an agreement with the U.S. Internal Revenue Service on the release of the funds.

CNMI taxpayers will collectively receive about $15 million in tax rebates.

It is not yet clear if both resident and nonresident taxpayers are eligible for the tax rebates.

The funds protect the local treasury from any loss that would otherwise be incurred for payout of the tax rebates mandated by the relief measure.