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


SAuditors Suzanne Bump that definitely Massachusetts‘ Net tax collections exceeded what is permitted by law after verification.

While the law of the state schedules tax collection $38.87 billion, Massachusetts generated net tax revenue of approx $42 billion for the year ended June 30, 2022.

The extra $2.9 billion returned to the taxpayer as a repair for it. Chapter 62Fthe law limiting Massachusetts tax revenues was passed in 1986.

It’s only resulted in rebates for Massachusetts citizens once, in 1987, when the state handed out to every taxpayer 25 cents the back.

“That our tax cap has been dormant for over three decades to date shows that it works exactly as it was designed,” he said chip ford, Managing Director of Citizens for limited taxationto the Boston Herald.

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“Our tax cap was intended to be an automatic relief valve when revenue surpluses reach unnecessary levels, particularly levels as extraordinary as recently; it should be a check against unlimited taxation and unsustainable spending.”

Governor of Massachusetts Charlie Baker said Friday that payments will begin in November.

Your unique personal income tax liability for the 2021 tax year will determine how much money you get back.

Massachusetts taxpayers will benefit

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

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The average rate of return for taxpayers will be about 13 percent of their 2021 year personal income tax payment.

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

After the October 17 deadline for filing an extension for the 2021 tax return, the final percentage will be announced in late October.

Each discount is subject to offsetting, such as B. unpaid taxes, child support obligations or other debts.

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

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Each discount is subject to offsetting, such as B. unpaid taxes, child support obligations or other debts.

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

Anyone who paid Massachusetts personal income taxes in the 2021 tax year and filed a 2021 state tax return by October 17, 2022 or earlier qualifies for a refund.

You Not You don’t have to take any extra steps to get the money if you’re eligible for a refund.





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