Baker files plan to return nearly $3 billion to Mass. taxpayers using 1986 law
BOSTON - Gov. Charlie Baker took another step on Wednesday to return nearly $3 billion to Massachusetts taxpayers using an obscure law.
The governor filed a supplemental budget with the Legislature addressing the state surplus that projects to be $2.3 billion.
"This surplus figure accounts for $2.941 billion in refunds that will be returned to taxpayers under Chapter 62F, the state law that requires net state tax revenues that exceed allowable revenues be returned to taxpayers," Baker's office said in a statement.
The state's Department of Revenue submitted that figure Wednesday to the State Auditor, who will make a final determination by September 20 on sending money back to taxpayers.
Chapter 62F, a ballot question approved by voters in 1986, allows for tax rebates when the state budget is overflowing. For you, that means about 7% of your 2021 income taxes being returned, depending on which credits you already used.
"This is really unprecedented increases in tax revenue which is really what this thing was designed to do to make sure the people of Massachusetts participated in that windfall," Baker said back in July.
A separate $4 billion economic development bill, which included $250 "relief rebates" for taxpayers who made between $38,000 and $100,000 last year, was put on hold because legislators wanted to see how 62F would play out.
