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Saturday, February 4, 2023

New Stimulus Check For Massachusetts

If you paid your personal taxes in Massachusetts for 2021 and submitted your Massachusetts tax form by September 15, 2023, you may be eligible to receive a piece of the over $3 billion in tax refund “Stimulus Check” money that Massachusetts will award in November. This Massachusetts tax credit for 2022 fits with the current trend of governments giving tax credits and state “stimulus” payments to those who have generated budget surpluses after pandemics.

For instance, the second round of California’s stimulus check distributions up to $1,050 is already underway.

Stimulus Check For All Eligible Residents

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Virginians can also receive a $500 tax “stimulus” rebate if they submit their 2021 State tax return before November 1. The Massachusetts 2022 tax refund program, however, differs differently from other states’ “stimulus” programs in that qualified Massachusetts taxpayers will get a different amount of cash in their tax rebate checks. This is important to bear in mind.

This is because Massachusetts will mail a check or set up a direct deposit for an amount equivalent to around 14% of each qualifying taxpayer’s state income taxes payable from the 2021 tax return. In 1986, Massachusetts voters enacted the Chapter 62F statute. That legislation mandates that Massachusetts give back any wasted cash to taxpayers. Since Massachusetts earned $41,812,654,358 in state tax revenue for the 2022 fiscal year, the Act was finally put into effect.

As a consequence, Massachusetts will comply with state law this year and return approximately $2.9 billion in excess revenue to eligible taxpayers.

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This week, Massachusetts plans to send out over 500,000 Stimulus Checks. After that, about one million refunds will be made each week until all of the surplus revenue funds have been remitted to eligible taxpayers.

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