Here’s how Massachusetts plans to return $2.94B to taxpayers

— WASHINGTON, D.C. AND CHICAGO. JESSICA: ALSO BREAKING, GOVERNOR BAKER SAYS MASSACHUSETTS TAXPAYERS WILL BE GETTING A REFUND CHECK AS SOON AS NOVEMBER. THE STATE IS REQUIRED TO RETURN $2.94 BILLION UNDER AN OBSCURE 1986 LAW. THOSE ELIGIBLE FOR A REFUND WILL GET IT AUTOMATICALLY BY CHECK OR DIRECT DEPOSIT. TO FIND OUT HOW MUCH YOU MIGHT

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

Individuals can expect 13% refund of tax liability, officials said

Massachusetts taxpayers could receive their portion of nearly $3 billion in excess tax revenue from the state before 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 the 2022 fiscal year, leading to an overage of $2,941,499,731.Gov. Charlie Baker’s administration announced that the excess revenue will begin being returned to eligible individuals starting in November.”With families facing continued pressure from high prices and inflation, these returns will provide some needed relief,” Baker said in a statement. “Even with nearly $3 billion going back to taxpayers, significant state and federal resources remain, and we look forward to working with the Legislature to invest this funding into our economy, communities and families.” To be eligible, the administration said individuals must have filed a 2021 state tax return on or before Oct. 17.Those who are eligible will receive a credit in the form of a check sent through the mail or a direct deposit. The administration estimated that eligible taxpayers will receive a refund equivalent to 13% of their personal income tax liability from the 2021 tax year. “This percentage is a preliminary estimate and will be finalized in late October, after all 2021 tax returns are filed,” officials said. LINK: The state created a “refund estimator” tool that can be used to approximate an individual taxpayer’s refund.

Massachusetts taxpayers could receive their portion of nearly $3 billion in excess tax revenue from the state before 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 the 2022 fiscal year, leading to an overage of $2,941,499,731.

Gov. Charlie Baker’s administration announced that the excess revenue will begin being returned to eligible individuals starting in November.

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

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

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

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

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

LINK: The state created a “refund estimator” tool that can be used to approximate an individual taxpayer’s refund.

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