Massachusetts residents are set to receive a little extra money this year thanks to an excess amount of taxes the state collected this fiscal year.
The Massachusetts tax revenue collections have exceeded its annual tax revenue cap of $38,871,154,627 set by state law this fiscal year and have collected $2.941 billion more than allowed. As such, the $2.941 billion will be returned to taxpayers in the coming months via a refund, according to the state.
To be eligible for this refund, people must have filed a 2021 state tax return on or before the due date for their return or extension, which will be Monday for most people. Both resident and nonresident filers are eligible for this refund.Once their 2021 state tax return is filed on time, filers will receive their refund automatically either through a mailed check or a direct deposit, with distributions expected to begin in November.
Chapter 62F requires the Department of Revenue to"submit a report to the state auditor on the net state tax revenues and the allowable state tax revenues for each fiscal year" by Sept. 1, according to the state government's website. The state auditor then determines whether net state tax revenue exceeds allowable state tax revenue on or before the third Tuesday of September, which is Sept. 20 this year.
An estimator is available on the state's website for filers to estimate their refund based on their 2021 income tax liability.
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