Roughly three million Massachusetts residents are slated to receive a state-sponsored payday as the state doles out a one-time tax refund of about 14% in December.
Precise payments will vary based on one’s financial status, and residents must file their 2021 tax return to receive the money. The funding stems from the $2.94 billion the state raised in excess of the state cap on revenue the state amassed, according to the Massachusetts government.
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Eligible taxpayers will receive a refund credit of 14.03%, though that figure could get pared down by unpaid tax debates or other extenuating circumstances. The 14.03% figure was finalized by the state’s Department of Revenue.
Qualifying taxpayers have until Sept. 15, 2023, to file their proper tax returns and will likely receive their refund within a month of filing, per the state government. Distribution of the relief came at the beginning of November and will continue through mid-December for applicants who have already filed.
Already, well over 1.3 million refunds totaling over $1.2 billion had been rolled out as of the second week of payments, CBS Boston reported. Payments will come via a check in the mail or direct deposit, depending upon one’s preferences. No additional action is required for those who have already filed their tax return.
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This is the second time since 1986 that Massachusetts’s Chapter 62F cap on revenue was triggered, which sparked the refund. Massachusetts provides a tool on its website to estimate the amount of money qualifying taxpayers are estimated to receive.
Massachusetts had collected roughly $41,812,654,358 during the past fiscal year, almost $3 billion over the cap.
