MA Residents Will Receive Their Share Of MOOLAH, MOOLAH, MOOLAH!
The wait is OVER as Bay State residents will actually receive a long awaited tax refund which entails about 14% of what they owed in state personal income tax in 2021. That means some extra cash goes into your bank account due to a voter approved tax cap law that was implemented back in the late 1980's. Chapter 62-F requires the State Department of Revenue to issue a mandatory credit to taxpayers if their total tax revenue in the last fiscal year exceeds an annual cap due to wage and salary growth throughout the Commonwealth.
The long awaited funds will be returned to eligible taxpayers by the Massachusetts Department of Revenue parallel to their personal tax liability as credit will be issued via a refund that matches 14% of personal income liability in the past tax year. The baker administration has set up a web site where preliminary estimates on your refund are available. You can log on by going here OR call this toll free number weekdays between the hours of 9am and 4pm 1-877-677-9727.
Anyone who filed a state tax return prior to October 17th, 2022 is eligible for this benefit. If you are not a Bay state resident and have worked in Massachusetts, you cam also take advantage of this perk. Fiduciary filers can also pick up some extra cash in the process as a check will go directly into your bank account. Keep in mind, if you filed itemized deductions on your federal return, a form 1099-G will be sent from The Department of Revenue by January 31st, 2023. These refunds will be issued on a rolling basis between now and December 15th, so you can spend this extra money wisely.
(Some information obtained in this article, courtesy of NBC-10, Boston)
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