Massachusetts residents are receiving hundreds of dollars

R.A. Heim

Here's some great news as prices keep rising due to inflation. Some money is coming your way from the state of Massachusetts! Recently, State Auditor Suzanne Bump just announced that the office of State Auditor has completed its review of the report of net tax revenues. Bump says that the net state tax revenues of $41,812,654,358 for 2022 are above the allowable state tax revenues of $38,871,154,627 by the amount of $2,941,499,731. (source)

In other words, the state has collected 2.9 billion dollars more than it planned for. As a result, this amount of extra money is coming back to the taxpayers in the state. This is happening because there is a state law which says you can give back money to taxpayers when there is an overage.

How Much Money Will You Likely Receive?

The department of revenue says that eligible taxpayers will receive a credit in the form of a refund that is approximately 13% of their Massachusetts Tax Year 2021 personal income tax liability. (source)

For more information, you can visit the state website right here.

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