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Good news Bay Staters! A full 3 million of you are set to get a tax refund starting Nov. 1.
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The state of Massachusetts is issuing checks and direct deposits to a large portion of taxpayers in an amount, per NBC 10 Boston, representing about 14% of what was paid in personal state income taxes last year.
It all stems from a new voter-initiated tax cap law known as Chapter 62F that’s now part of Massachusetts General Law. It requires the Department of Revenue to put money back in residents’ pockets when “tax revenues in a given fiscal year exceed an annual cap tied to wage and salary growth in the Commonwealth.”
That’s the case in 2022, as the state exhibited a nearly $3 billion surplus. Divided among residents, it will come out to a credit equal to a 14% share of taxes paid last year. However, as NBC noted, the credits will first deduct any applicable outstanding debts for unpaid taxes, child support or other amounts owed to the state.
Anyone who filed a 2021 state tax return prior to the extension deadline of Oct. 17, 2022, is eligible. There is no action required to get the money, either — it will be automatically processed based on the tax forms filed.
And, as NBC pointed out, no state income taxes will be incurred on the payment. However, in some cases, it may be applicable to federal taxes when an individual filed certain itemized deductions; if this is the case, you will get a form 1099-G to use for your upcoming 2022 tax filing.
If you want to see what you might be getting back, head to the state website, where you can punch in some information and see an estimate of the amount headed your way. There’s also a hotline set up to answer any questions: Simply call 877-677-9727 any time Monday through Friday (from 9 am to 4 pm) to speak with a representative.
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The payments will be made on a rolling basis through mid-December.
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This article originally appeared on GOBankingRates.com: If You Live in Massachusetts You Might Be Getting a Tax Refund This Week
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