The qualified and eligible residents in Massachusetts will receive an increase of 14 percent to their tax refund this December.
14% Tax Refund
Some states in the country are implementing tax refunds for their residents. These states return the funds to the residents once the tax revenue collection in a fiscal year exceeds an annual cap. This year, Massachusetts will return funds to its residents.
Qualified and eligible residents in the state will receive an increase of 14 percent in their tax refunds, according to a published article in Washington Examiner. This was also posted on the official website of Massachusetts including the basis of the tax refund.
To wit, the website stated “the total exceeding the price cap stipulated by chapter 62F of the Massachusetts General Laws by $2.941 billion,” and this occurred this year. This means that recipients will receive an increase of 4.0312% of their Massachusetts personal income tax liability for 2021.
Who Are Eligible?
The state’s Department of Revenue determined the final percentage following the 2021 individual tax return filing extension deadline on October 17, 2022. The fund distribution process started on November 1 and should be finished by mid-December.
Those who qualify will get their money by direct deposit or mailed check. There is no need to take any additional action if you previously filed your tax return before the deadline and had a tax due.
Needless to say, since Chapter 62F was adopted in 1986 by a referendum question, it has only been activated once, in 1987. This year’s total state tax income was $41,812,654,358, which is about $3 million above than the allowed maximum.