Mass. plans to return $2.94B to taxpayers; Here’s how to estimate your share

– Washington, DC and Chicago. Jessica: Also breaking down, Governor Baker says Massachusetts taxpayers will be getting refund checks as soon as November. The state is required to refund $2.94 billion under an obscure 1986 law. Those eligible for a refund will receive it automatically by check or direct deposit. To find out how much you can

Massachusetts announces plan to return $2.941 billion to taxpayers from November

Officials said individuals can expect 13% refund of tax liability

Massachusetts taxpayers could receive their share of about $3 billion in additional tax revenue from the state before the holiday season. Auditor Susan Bump testified Thursday that the state must refund $2.941 billion to taxpayers under a 1986 tax cap law known as Chapter 62F. The law sets a limit on state tax revenue, which was exceeded in the 2022 fiscal year, leaving an excess of $2,941,499,731. government. Charlie Baker’s administration announced that it would begin returning additional revenue to eligible individuals beginning November. “With households facing continued pressure from high prices and inflation, these returns will provide some much-needed relief,” Baker said in a statement. “Even with nearly $3 billion going back to taxpayers, significant state and federal resources remain, and we want to work with the legislature to invest this money in our economy, communities and families. look forward for.” To be eligible, the administration said individuals must have filed a 2021 state tax return on or before October 17. Those who are eligible will receive credit in the form of a check sent via mail or direct deposit. The administration estimates that eligible taxpayers will receive a refund equal to 13% of their personal income tax liability from the 2021 tax year. “This percentage is a preliminary estimate and will be finalized after all 2021 tax returns are filed by the end of October,” officials said. Link: The state has created a “Refund Estimator” tool that can be used to estimate an individual taxpayer’s refund.

Massachusetts taxpayers could receive their share of about $3 billion in additional tax revenue from the state before the holiday season.

Auditor Susan Bump testified Thursday that the state must refund $2.941 billion to taxpayers under a 1986 tax cap law known as Chapter 62F. The law sets a limit on state tax revenue, which was exceeded in the 2022 fiscal year, leaving an excess of $2,941,499,731.

Governor Charlie Baker’s administration announced that additional revenue would begin to be returned to eligible individuals from November.

“With households facing continued pressure from high prices and inflation, these returns will provide some much-needed relief,” Baker said in a statement. “Even with nearly $3 billion going back to taxpayers, significant state and federal resources remain, and we want to work with the legislature to invest this money in our economy, communities and families. look forward for.”

To be eligible, the administration said individuals must have filed a 2021 state tax return on or before October 17.

Those who are eligible will receive credit in the form of a check sent via mail or direct deposit.

The administration estimates that eligible taxpayers will receive a refund equal to 13% of their personal income tax liability from the 2021 tax year.

“This percentage is a preliminary estimate and will be finalized after all 2021 tax returns are filed by the end of October,” officials said.

Link: The state has created a “Refund Estimator” tool that can be used to estimate an individual taxpayer’s refund.

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