Tax refund: new $2.9 billion bag for refunds; date and who is eligible

Sstate auditor Suzanne Bosse determined that Massachusetts‘ net tax recoveries exceeded what is permitted by law after reviewing them.

While state law sets the collection of taxes at $38.87 billion, Massachusetts earned net tax revenue of approximately $42 billion for the year ended June 30, 2022.

The extra $2.9 billion will be returned to the taxpayers as compensation. Chapter 62Fthe law that limits Massachusetts tax revenues, was passed in 1986.

It only led to rebates for Massachusetts citizens once, in 1987, when the state gave every taxpayer 25 cents return.

“The fact that our tax cap has been dormant for more than three decades until today shows that it is working exactly as it was designed to do,” said Ford chip, executive director of Citizens for Limited Taxationto Boston Herald.

“Our tax cap was designed as an automatic release valve when revenue surpluses reach an unnecessary level, especially such an extraordinary level as recently; it was intended to control unlimited taxation and unsustainable spending.”

Massachusetts Governor Charlie Baker said on Friday that payments would begin to be made in November.

Your unique personal income tax liability for the 2021 tax year will determine the amount of money you receive in return.

Massachusetts Taxpayers Will Benefit

After applying credits and before withholding taxes and estimated taxes, this is the total amount payable to Massachusetts in 2021.

The average return for taxpayers will equal approximately 13% of their 2021 income personal income payment of tax.

According to Massachusetts, someone who paid $10,000 in income taxes last year can expect to receive a return of $1,300.

After the October 17 deadline for filing an extension for the 2021 tax return, the final percentage will be revealed at the end of October.

Each refund is subject to offsets, such as unpaid taxes, child support obligations, or other debts.

The state has developed a reimbursement calculator on its website to help citizens estimate their reimbursement amount.

Each refund is subject to offsets, such as unpaid taxes, child support obligations, or other debts.

The state has developed a reimbursement calculator on its website to help citizens estimate their reimbursement amount.

Anyone who paid Massachusetts personal income taxes in the 2021 tax year and filed a 2021 state tax return on or before October 17, 2022, is eligible for a refund.

You don’t must take further steps to receive the money if you are entitled to a refund.

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