To get $20,000 back you must have an income of like $3 million a year lol.
If you make $100k a year you’re getting back around $650
Nearly $3 billion in excess tax revenue is set to be returned to Massachusetts residents this fall, but there’s a catch. Under a formula laid out in a 1980s tax cap law that has only been triggered once before, the amount of money residents receive could vary dramatically, perhaps by as much as $20,000. Now, experts are voicing concern that the payout would disproportionately favor the state’s wealthiest residents.
In general, eligible taxpayers are expected to receive a credit amounting to approximately 13% of their Massachusetts personal income tax liability for Tax Year 2021. The state created an online tool for residents to calculate how much they can expect to receive.
The distribution of these rebates was triggered by historically-high levels of tax revenue collected by the state last fiscal year. Over the summer, officials announced a nearly $5 billion surplus, bolstered by the collection of nearly 21% more in tax revenue than the previous year.
This revenue exceeded the tax cap as laid out in a law known officially as Chapter 62F, leading State Auditor Suzanne M. Bump to determine in mid-September that this $2.9 Billion must be returned to taxpayers.