TeaThe US economy has been badly affected by the war UkraineThe survival crisis and ongoing recovery from COVID-19 shut down.
Whose backbone has been tax exemption? Joe BidenAn effort to kickstart the US economy, making life easier for the nation’s citizens.
Massachusetts Residents have until Monday, October 17, to claim the tax exemption, but there are fears that many will miss out on the opportunity.
The $3 billion funding package has allowed residents to claim money back on their taxes in the form of exemptions.
How Much Will Massachusetts Taxpayers Get?
For the fiscal year ending June 30, 2022, Massachusetts reported net tax revenue of approximately $42 billion.
Under US law, tax revenue for the state of Massachusetts is $38.9 billion.
This has left Massachusetts Gov. $3 billion surplus Which they will have to return to the citizens who have been taxed more.
The amount that a single taxpayer can get will completely depend on his personal income tax liability in 2021.
It is estimated that usually residents are given a refund of about 13% of their personal income tax liability.
An example given by the state of Massachusetts suggested that a person who paid $10,000 in income tax would receive a refund of approximately $1,300.
Who is Eligible for Tax Exemption in Massachusetts?
Any person who has paid personal income tax in the state for the year 2021 and who has filed 2021 state tax return before October 17, 2022, will be considered eligible for tax exemption.
Taxpayers in the state need to be made aware that once the October 17 deadline passes, they will not be given a second chance to reclaim some of the $3 billion owed to them by the state government.
The state has also created a refund calculator to help residents determine if they qualify for a refund, and if so, how much they are entitled to claim.