Massachusetts: Upto $20,000 Tax Rebates


MASSACHUSETTS lawmakers tried to change the state's current tax system so that each taxpayer could get a maximum credit of $6,500.

Chapter 62F gives high-income people a windfall of cash, while low-income people get less.

Top incomes in Massachusetts may get nearly $20,000, while 20% would get $9.

The proposed law would allocate the remaining $2.9 billion and give an extra $200 to 3.5 million state residents.

Mr. Connolly said in a press statement, "We authorized advance refund checks and returned the full $2.9 billion to 99.4% of eligible taxpayers."

The lawmakers put forward the bill because costs for housing, childcare, health care, food, energy, fuel, and heating are all going up.

The proposed law says that Chapter 62F is a tax cap that is meant to stop taxes from going up too much.

About 26% of the $2.9 billion in extra money will be given to taxpayers who made more than $1 million in 2021.

People who made more than a million dollars will get refunds of about $22,000.