Emerging Tax Alert- Massachusetts Announces Taxpayer Refunds
On Friday, September 16, 2022, the Baker-Politio Administration announced details for a return of $2.941 billion in excess tax revenue that will be refunded to Massachusetts taxpayers. Massachusetts law requires that when tax revenue collections in a given fiscal year exceed annual tax revenue cap, the excess revenue is returned to taxpayer’s. To be eligible, you must have filed a 2021 state tax return on or before October 17, 2022. Those who are eligible for a refund, will automatically receive it as a check sent through the mail or via direct deposit.
For the most part, eligible taxpayers will receive a refund of approximately 13% of their Massachusetts personal income tax liability for Tax Year 2021. To learn more and use the Massachusetts Department of Revenue’s Refund Estimator, click here.