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Mass. Lawmakers Announce Plan to Give Eligible Taxpayers $250. to send

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Massachusetts lawmakers announce plan to send $250 one-time tax credits to individuals, $500 to couples

Massachusetts legislature leaders say they will “act” to provide one-time tax credits of $250 to eligible individual taxpayers and $500 to eligible married couples. The announcement comes as residents face high inflation and the state has accumulated historic surpluses. Budget watchers at the Massachusetts Taxpayers Foundation expect the legislature to have a $3.6 billion surplus when final accounts for the fiscal year ended last week are completed, State House News Service reported. According to a joint statement by House Speaker Ronald Mariano, Senate Speaker Karen E. Spilka and others, it will qualify for the one-time tax refund payments based on annual income reported in 2021. Those who qualify must have earned at least $38,000 and the maximum is $100,000 for individuals or $150,000 for couples. If implemented, payments would be sent before the end of September. Earlier this month, California also announced plans to send “inflation relief” to taxpayers in that state. The current legislative session ends at the end of July, and Massachusetts lawmakers still have several priorities to complete, including the next state budget. The state’s budget for the new fiscal year could include a $600 million tax-reduction package, SHNS reported. Governor Charlie Baker has pushed for the budget to double tax credits for dependents and childcare, double the allowable maximum property tax limit for senior circuit breakers and increase the limit on deductions for rent payments from $3,000 to $5,000. Full statement from Mariano, Spilka, and others on the One-Time Rebate Plan: “Whether it’s the rising price of gasoline, groceries, or kids’ summer clothes, the Massachusetts legislature has heard loud and clear that higher costs due to inflation are pushing household budgets Therefore, we are proud to announce that the Massachusetts Legislature will act to establish the Taxpayer Energy and Economic Relief Fund, which will provide economic relief discounts for individuals and families.” taxpayer filing an individual return and $500 for married taxpayers filing joint returns will be issued to eligible Massachusetts residents before September 30, 2022. income reported in 2021, with a minimum of $38,000 and a maximum of $100,000 for individual submitters and $150,000 for joint submitters.” who continue to benefit from economic uncertainty and international conflict, and follow our efforts to raise $500 in premium during the pandemic to pay for lower-income frontline workers. As we also recognize the need for structural changes, we continue to work on potential changes to the tax code with the aim of providing additional relief to residents.”

Massachusetts legislature leaders say they will “act” to provide one-time tax credits of $250 to eligible individual taxpayers and $500 to eligible married couples.

The announcement comes as residents face high inflation and the state has accumulated historic surpluses.

Budget watchers at the Massachusetts Taxpayers Foundation expect the legislature to have a $3.6 billion surplus when final accounts for the fiscal year ended last week are completed, State House News Service reported.

According to a joint statement by House Speaker Ronald Mariano, Senate Speaker Karen E. Spilka and others, it will qualify for the one-time tax refund payments based on annual income reported in 2021. Those who qualify must have earned at least $38,000 and the maximum is $100,000 for individuals or $150,000 for couples.

If implemented, payments would be sent before the end of September.

Earlier this month, California also announced plans to send “inflation relief” to taxpayers in that state.

The current legislative session ends in late July, and Massachusetts lawmakers still have several priorities to complete, including the next state budget.

The state’s budget for the new fiscal year could include a $600 million tax-reduction package, SHNS reported. Gov. Charlie Baker has pushed for the budget to double tax credits for dependents and childcare, double the allowable maximum property tax limit for senior circuit breakers and raise the limit on deductions for rent payments from $3,000 to $5,000.

Full statement from Mariano, Spilka, and others about the one-time discount plan:

“Whether it’s the rising price of gasoline, groceries or summer clothes for kids, the Massachusetts legislature has heard loud and clear that the increased costs due to inflation have lowered family budgets. That’s why we’re proud to announce that the Massachusetts legislature will act to establish the Taxpayer Energy and Economic Relief Fund, which will issue economic aid rebates for individuals and families.

“One-time discounts of $250 for a taxpayer filing an individual return, and $500 for married taxpayers filing joint returns, will be granted to eligible Massachusetts residents before September 30, 2022. Eligibility is determined by annual income earned reported in 2021, with a minimum of $38,000 and a maximum of $100,000 for individual submitters and $150,000 for joint submitters.

“These rebates represent the legislature’s commitment to provide direct financial aid to Commonwealth residents, rather than major oil companies that continue to benefit from economic uncertainty and international conflict, and follow our efforts to pay $500 in premium for a lower-income front line workers during the pandemic. As we also recognize the need for structural change, we continue to work on potential changes to the tax code with the aim of providing additional relief to residents.”

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