Massachusetts residents are set to receive 14% tax refunds by December of this year.
The refunds are due to a stipulation in Massachusetts law; when tax revenue collections in a fiscal year exceed an annual tax revenue cap, the excess revenue is given back to taxpayers, according to the Massachusetts website. Such a case occurred this year, with the total exceeding the price cap stipulated by chapter 62F of the Massachusetts General Laws by $2.941 billion.
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To be precise, Massachusetts taxpayers will receive 14.0312% of their Massachusetts personal income tax liability for 2021. The percentage was finalized by the state’s Department of Revenue after the 2021 individual tax return filing extension deadline of Oct. 17, 2022, the website states.
The distribution of funds already began on Nov. 1 and should be complete by mid-December. Those eligible will receive their money through a mailed check or direct deposit. Those that have already filed their tax return before the deadline and had a tax liability do not need to take any further action.
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Chapter 62F has only been triggered once before, in 1987, since it was enacted in 1986, via a ballot question. The total state tax revenue collected this year was $41,812,654,358, nearly $3 million over the established cap.
