If you pay taxes in Massachusetts, you may receive an unexpected influx of cash in November. The is because the state received $2.941 billion in excess tax revenue, and Chapter 62F requires the excess be returned to taxpayers.
An announcement recently added to Mass.gov says, “eligible taxpayers will receive a credit in the form of a refund of approximately 13% of their Massachusetts personal income tax liability for Tax Year 2021. This percentage is a preliminary estimate and will be finalized in late October, after the 2021 tax return filing extension deadline of October 17, 2022. Please also note that credits may be reduced due to refund intercepts, including for unpaid tax liability, unpaid child support, and certain other debts.”
Both resident and non-resident filers are eligible, as well as trusts and estates, even if you received a refund when you originally filed.
While you can’t update your bank account information for the refund, you can update your address if you have moved here.
You don’t need to do anything to receive your refund, it will automatically be direct deposited into your account or sent as a check in the mail, based on how you indicated you want to receive refunds on your return. If you are curious how much to expect back, you can use Mass.gov’s refund estimator, though keep I mind that it may change after the filing extension.
If you have any questions, feel free to reach out to us or review the frequently asked questions on the Mass.gov site.