Massachusetts Will Distribute More MOOLAH, MOOLAH, MOOLAH!
The holidays are here and if you need some extra cash, we have some optimistic news as some money will be reaching Bay State residents pockets during this time of inflation and rising prices. The office of State Auditor recently completed a review of net tax revenue reports as a surplus of almost 3 million dollars is available and tax payers will reap the benefits from this amount of overage.
State Auditor Suzanne Bump says that the net state tax revenues for 2022 are above the allowable state tax revenues of $2,941,499,731. The reason why excessive refunds will be offered is courtesy of Chapter 62F of the General Laws which states you can give back money to tax payers as the payment could be offered in a flat amount to quickly expedite this process.
An analyst predicts that taxpayers will see about 7% of their 2021 income taxes being returned, depending on which credits were already used. You can get a better idea about how much money you'll be receiving from the state by logging on to the Bay State's refund estimator web site.
Massachusetts residents are also very likely to receive a $500 stimulus check. Governor Charlie Baker signed into law the COVID-19 Essential Employee Premium Pay program during 2021.Your income level from your 2021 Massachusetts tax returns is used to determine if you are eligible. To qualify, you must have made less than $38,640 and a minimum $13,500 for a single person. For a family of four, the maximum income amount cannot exceed $79,500.
The great news is you will automatically receive a $500 payment in the form of a check coming in the mail. The only obstacle could be if you did not file a 2021 income tax return, therefore you won't qualify to get this payment from the state of Massachusetts. Check your mailboxes as this would be a welcome holiday present from Boston and we'll gladly accept it in more ways than one!
(Some information obtained in this article, courtesy of www.original.newsbreak.com)
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