Mass.  plans to return $2.94 billion to taxpayers;  Here's how to estimate your share

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

— WASHINGTON, DC AND CHICAGO. JESSICA: ALSO BROKEN, GOVERNOR BAKER SAYS MASSACHUSETTS TAXPAYERS WILL RECEIVE A REFUND CHECK AS OF NOVEMBER. THE STATE IS OBLIGED TO REIMBURSE $2.94 BILLION UNDER A SECURE LAW OF 1986. PEOPLE ELIGIBLE FOR A REIMBURSEMENT WILL OBTAIN IT AUTOMATICALLY BY CHECK OR DIRECT DEPOSIT. TO FIND OUT HOW MUCH YOU CAN

Massachusetts announces plans to return $2.941 billion to taxpayers starting in November

Individuals can expect a 13% refund of tax payable, officials said

Massachusetts taxpayers could receive their share of nearly $3 billion in excess state tax revenue ahead of the holiday season. Auditor Suzanne Bump certified Thursday that the state must return $2.941 billion to taxpayers under a 1986 tax cap law known as Chapter 62F. The law sets a cap on state tax revenue, which was exceeded in fiscal year 2022, resulting in an overrun of $2,941,499,731.Gov. The Charlie Baker administration has announced that excess income will begin to be returned to eligible people from November. “Even with nearly $3 billion returning to taxpayers, there remain significant state and federal resources, and we look forward to working with the Legislature to invest this funding in our economy, our communities and our families.” To be eligible, the administration said individuals must have filed a 2021 state tax return by Oct. 17. Those who qualify will receive credit in the form of a mailed check or direct deposit. The administration has estimated that eligible taxpayers will receive a refund equivalent to 13% of their personal income tax beginning with the 2021 tax year. “This percentage is a preliminary estimate and will be finalized at the end of October, after the filing all 2021 tax returns,” officials said. LINK: The state has created a “Reimbursement Estimator” tool that can be used to estimate an individual taxpayer’s reimbursement.

Massachusetts taxpayers could receive their share of nearly $3 billion in excess state tax revenue ahead of the holiday season.

Auditor Suzanne Bump certified Thursday that the state must return $2.941 billion to taxpayers under a 1986 tax cap law known as Chapter 62F. The law sets a cap on state tax revenue, which was exceeded in fiscal year 2022, resulting in a surplus of $2,941,499,731.

Governor Charlie Baker’s administration has announced that excess income will begin to be returned to eligible individuals beginning in November.

“As families face continued pressure from high prices and inflation, these returns will provide much needed relief,” Baker said in a statement. “Even with nearly $3 billion returning to taxpayers, there remain significant state and federal resources, and we look forward to working with the Legislature to invest this funding in our economy, our communities and our families.”

To be eligible, the administration said individuals must have filed a 2021 state tax return by Oct. 17.

Eligible individuals will receive credit in the form of a mailed check or direct deposit.

The administration has estimated that eligible taxpayers will receive a refund equivalent to 13% of their personal income tax starting in the 2021 tax year.

“This percentage is a preliminary estimate and will be finalized in late October, after all 2021 tax returns have been filed,” officials said.

LINK: The state has created a “Reimbursement Estimator” tool that can be used to estimate an individual taxpayer’s reimbursement.

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