Thanks to an obscure law that was enacted back in 1986, Massachusetts Governor Charlie Baker plans to return up to $3 billion which will be equally distributed to Bay state taxpayers from the Berkshires to Boston as a surplus that totals over $2 billion is ready to go into people's wallets. His office stated the following in this matter:

"This surplus figure accounts for $2.941 billion in refunds that will be returned to taxpayers under chapter 62F, the state law requires net state tax revenues that exceed allowable revenues be returned to taxpayers"

Money stack large amount of us dollars

A final determination will be issued by the State Auditor by no later than September 20th as this generous move is courtesy of an overflow in the state's budget. Statistics show that 7% of your 2021 tax returns will be reimbursed depending on the credits that were implemented in your paperwork that was submitted to Boston.

FBI Director James Comey Attends Opening Of FBI Boston Headquarters
Getty Images

Governor Baker reiterated this move will prove beneficial and will add some movement to an already stagnant economy:

"This is really an unprecedented increase in tax revenue which is really what this thing was designed to do to make sure the people of Massachusetts participated in this windfall".

Keep in mind, that there is also a $4 billion economic development bill which includes a total of $250 in relief rebates for those who grossed anywhere between 38 and 100 thousand dollars in the last fiscal year. This proposal was put on a temporary hold as legislators were eager to see how the 62F plan would play out and so far, it has yielded success.

America Gets Tax Rebate Checks
Getty Images

If you are getting some much-needed relief, spend it wisely as you don't have a reason to call our state "Taxachussets" and let's keep that trend going, gang!

(Some information on this article was obtained courtesy of a report that aired on CBS4-Boston, WBZ-TV)

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

More From WBEC FM