In state tax news, Massachusetts filers may be eligible for a refund based on their 2021 tax filing. Chapter 62F is a general law that requires the Mass. Department of Revenue to issue a refund to taxpayers if total tax revenues in a given fiscal year exceed an annual cap tied to wage and salary growth in the Commonwealth. Tax revenue in the state exceeded the annual tax revenue cap by $2.94 billion in fiscal year 2022.
Eligible taxpayers will receive the refund estimated at 13% of their MA personal income liability in tax year 2021. In order to be eligible, taxpayers must file 2021 state tax return on or before October 17, 2022. However, the credit may be reduced due to unpaid tax liability, unpaid child support or certain other debts.
You can estimate your refund through the Mass.gov website by going to https://www.mass.gov/info-details/chapter-62f-taxpayer-refunds#overview- or by consulting your tax advisor.