Tax refund 2022: Massachusetts to send residents huge refund checks by mid-December

Some 3 million residents of Massachusetts are poised to obtain a state-sponsored payday by mid-December because the state rolls out a one-time tax refund.

Funding for this system derives from the $2.94 billion in extra of the state cap on income the state amassed, per the Massachusetts authorities. The precise funds one will obtain varies primarily based on tax standing, and residents should file their 2021 tax return to obtain the cash.

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Eligible residents who didn’t file their tax returns have till Sept. 15, 2023, to take action and are anticipated to obtain their refund inside a month of submitting, in response to the state authorities. Distribution of the funds commenced firstly of November and can span till mid-December for candidates who’ve already filed.

Qualifying taxpayers will obtain a refund credit score of 14.0312%, however that determine might get diminished by unpaid tax debates or different extenuating circumstances.

By the primary week of November, an estimated 500,000 funds have been delivered within the refund program, the state Division of Income stated. Throughout the second week, that quantity soared to roughly 1.3 million refunds price over $1.2 billion had been dolled out, CBS Boston reported.

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This marks the second time since 1986 that the state’s Chapter 62F cap on income was triggered, which was the impetus for the refund.

The state supplies a device on its web site to estimate the sum of money residents are projected to obtain within the refunds.