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This is how Massachusetts plans to return $2.94B to taxpayers

BACK NEARLY $3 BILLION TO RESIDENTS. GOVERNOR BAKER TODAY, RELEASING THE PLAN TO MAKE IT HAPPEN. ED HARDING JOINS ME NOW, SO ED, TELL US WHAT THIS ALL ABOUT. ED: THE $3 BILLION FIGURE IS LARGE AND IT IS GOING BACK TO ALL OF US. BASICALLY THE STATE HAS TOO MUCH TAX REVENUE, AND BECAUSE OF A LAW SINCE 1986, THEY HAVE TO GIVE IT BACK TO US. WE ARE TALKING OVER $2.9 BILLION THAT WILL FUNNEL BACK INTO RESIDENTS’ POCKETS. WE’VE BEEN TELLING YOU ABOUT THIS FOR WEEKS. AND TODAY THE GOVERNOR’S OFFICE DETAILED THE WHO, THE HOW, AND THE WHEN. THE ADMINISTRATION SAYS YOU MUST FILE A 2021 STATE TAX RETURN ON OR BEFORE OCTOBER 17. MOST OF US HAVE PROBABLY ALREADY DONE THAT. THE STATE WILL USE THOSE RETURNS TO CREDIT YOU IN THE FORM OF A CHECK IN THE MAIL, OR DIRECT DEPOSIT. YOU WILL ROUGHLY GET A REFUND — I AM GETTING COMPLICATED HERE, I APOLOGIZE. ABOUT 13% OF YOUR PERSONAL INCOME TAX LIABILITY FROM THE 2021 TAX YEAR. USE THAT AS YOUR GUIDE, CHECK YOUR TAX LIABILITY AND YOU WILL GET 13%, ROUGHLY. THE STATE SAYS THE REFUNDS WILL START GOING OUT THIS NOVEMBER. IT SHOULD ARRIVE THANKSGIVING OR EARLY CHRISTMAS. JESSICA: YOU HAVE GOT A MONTH. ED: MAKE SURE YOU ARE IN BY OCTOBER 17, WHICH MOST PEOPLE ARE ALREADY. JESSICA: EVERYBODY’S REFUND WILL BE DIFFERENT. WE HAVE A LINK TO THE REFUND CALCULATOR ON THE WCVB APP. YOU CAN FIGURE H

Massachusetts declares plan to return $2.941 billion to taxpayers beginning in November

People can anticipate 13% refund of tax legal responsibility, officers mentioned

Massachusetts taxpayers might obtain their portion of practically $3 billion in extra tax income from the state earlier than the vacation season. Auditor Suzanne Bump licensed Thursday that the state should return $2.941 billion to taxpayers beneath a 1986 tax cap legislation generally known as Chapter 62F. The legislation units a cap on state tax income, which was exceeded within the 2022 fiscal yr, resulting in an overage of $2,941,499,731.Gov. Charlie Baker’s administration introduced that the surplus income will start being returned to eligible people beginning in November.”With households dealing with continued stress from excessive costs and inflation, these returns will present some wanted aid,” Baker mentioned in a press release. “Even with practically $3 billion going again to taxpayers, vital state and federal assets stay, and we sit up for working with the Legislature to take a position this funding into our financial system, communities and households.” To be eligible, the administration mentioned people should have filed a 2021 state tax return on or earlier than Oct. 17. Those that are eligible will obtain a credit score within the type of a verify despatched by means of the mail or a direct deposit. The administration estimated that eligible taxpayers will obtain a refund equal to 13% of their private revenue tax legal responsibility from the 2021 tax yr. “This share is a preliminary estimate and will probably be finalized in late October, in spite of everything 2021 tax returns are filed,” officers mentioned. LINK: The state created a “refund estimator” instrument that can be utilized to approximate a person taxpayer’s refund.

Massachusetts taxpayers might obtain their portion of practically $3 billion in extra tax income from the state earlier than the vacation season.

Auditor Suzanne Bump licensed Thursday that the state should return $2.941 billion to taxpayers beneath a 1986 tax cap legislation generally known as Chapter 62F. The legislation units a cap on state tax income, which was exceeded within the 2022 fiscal yr, resulting in an overage of $2,941,499,731.

Gov. Charlie Baker’s administration introduced that the surplus income will start being returned to eligible people beginning in November.

“With households dealing with continued stress from excessive costs and inflation, these returns will present some wanted aid,” Baker mentioned in a press release. “Even with practically $3 billion going again to taxpayers, vital state and federal assets stay, and we sit up for working with the Legislature to take a position this funding into our financial system, communities and households.”

To be eligible, the administration mentioned people should have filed a 2021 state tax return on or earlier than Oct. 17.

Those that are eligible will obtain a credit score within the type of a verify despatched by means of the mail or a direct deposit.

The administration estimated that eligible taxpayers will obtain a refund equal to 13% of their private revenue tax legal responsibility from the 2021 tax yr.

“This share is a preliminary estimate and will probably be finalized in late October, in spite of everything 2021 tax returns are filed,” officers mentioned.

LINK: The state created a “refund estimator” instrument that can be utilized to approximate a person taxpayer’s refund.

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