Massachusetts Tax Rebates to Begin November 1, 2022
On October 31, 2022, the Massachusetts Department of Revenue (DOR) announced that tax refunds consisting of about $2.9 billion in excess tax revenue will begin on November 1, 2022.
The tax refunds will be 14% of a taxpayer’s 2021 income tax liability, which is higher than the 13% tax rebate previously estimated. A family of four with $150,000 in 2021 income and a tax liability of $6,760 can expect to receive a refund of approximately $946.
The refunds will either be direct deposited or issued by check and require no action on the part of the taxpayer. The DOR estimates 500,000 refunds will be issued in the first week; thereafter, one million refunds per week will be issued. All eligible refunds will be distributed by December 15, 2022. Individuals who have not yet filed their 2021 income tax returns may file by September 15, 2023, and still receive their refund.
Categorized: Taxes
Tagged In: excess tax revenue, Massachusetts Department of Revenue, tax refunds
