28 May 2008

CNMI to get US tax rebate cheques this week

3:05 pm on 28 May 2008

The Department of Finance in the Northern Marianas is to start releasing economic stimulus payments from this Friday.

The first batch of about 11,000 rebate cheques will be mailed out this week but the Government will continue issuing cheques through until December this year.

The rebates range up to 600 US dollars for an individual and 1,200 for a couple.

Families get 300 dollars per child.

The rebates are the centerpiece of the U.S. government's 168 billion US dollar economic stimulus package enacted in February and are designed to bolster consumer spending and stir the sluggish economy.

A Department of Finance spokesman says hopes the taxpayers will spend the money in the local economy - paying their electricity bills and buying essential items.