Local

Seeing green: Tax refunds set to hit bank accounts starting tomorrow

BOSTON — Massachusetts taxpayers are about to see a little extra money in their wallets.

The first checks and direct deposits from a nearly $3 billion pot of excess tax revenue will be sent out on Tuesday, Nov. 1. The money will be sent out on a rolling basis until Dec. 15.

According to a spokesperson for the Executive Office of Administration and Finance, about three million taxpayers will receive a refund worth about 14% of what they owed in state personal income tax in 2021.

People who paid the most in taxes will see the biggest refunds, while those who paid the least in taxes will get the smallest refunds.

According to the spokesperson, the average taxpayer will receive about $530. Taxpayers in the bottom 20% of incomes will get refunds of about $9.

It’s all thanks to the voter-approved tax cap law known as Chapter 62F which was passed in 1986.

Taxpayers who owed state personal income tax last year and already filed their 2021 return are eligible and do not need to take any additional steps to receive their refund.

The state published an online calculator to estimate how much money taxpayers can expect to receive.

A group of progressive Democrats had been pushing for a bill to set a $6,500 limit on the maximum tax credit high-income earners would receive, but the effort ultimately failed.

This is a developing story. Check back for updates as more information becomes available.

Download the FREE Boston 25 News app for breaking news alerts.

Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW