Massachusetts residents receiving over 2 billion dollars in payments

Jake Wells

Here's some great news: some money is coming your way right now during this time of inflation and rising prices. How much specifically is still being determined.

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.

In other words, the state has 2.9 billion dollars more than it planned for and this amount of overage is coming back to taxpayers. This is happening as mentioned in Chapter 62F of the General Laws which says you can give back money to taxpayers when there is an overage. Your payment could come as a flat amount to taxpayers to expedite the process.

An analyst has predicted that taxpayers will see about 7% of their 2021 income taxes being returned, depending on which credits were already used. Distribution of the rebates will be determined by the Department of Revenue, which told WBZ-TV that it "will share more details soon" about how the money will go out to taxpayers. (source)

What do you think about this news from the state of Massachusetts?

I'd love to hear your thoughts. Let me know in the comments.

If you found this article helpful or informative, please share it with friends and family on social media.

Disclaimer: Please note that this article for NewsBreak is only for educational and informational purposes.

Comments / 22

Published by

Sharing helpful stories with you about local businesses, income taxes, and much more.

Akron, OH
35358 followers

More from Jake Wells

Comments / 0