Mass. lawmakers announce plan to send eligible taxpayers $250


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

Leaders of the Massachusetts State Legislature say they “will act” to provide one-time tax rebates of $250 to eligible individual taxpayers and $500 to eligible married couples. The announcement comes as residents face high inflation and the state has collected historic surpluses. Budget watchers at the Massachusetts Taxpayers Foundation expect that the legislature will have a surplus of $3.6 billion when the final accounting of the fiscal year that ended last week is complete, State House News Service reported. According to a joint statement issued by House Speaker Ronald Mariano, Senate President Karen E. Spilka and others, eligibility for the one-time tax refund payments will be based on annual income reported in 2021. Those eligible will need to have earned at least $38,000 and the maximum will be $100,000 for individuals or $150,000 for couples.If implemented, the payments would be sent out before the end of September. Earlier this month, California also revealed plans to send “inflation relief” payments to taxpayers in that state. The current legislative session ends at the end of July and Massachusetts lawmakers have several priorities still left to complete, including the next state budget. The budget for the state’s new fiscal year could include a $600 million tax relief package, SHNS reported. Gov. Charlie Baker has pushed for the budget to double tax credits for dependents and child care, double the allowable maximum for the senior circuit breaker property tax credit, and increase the cap 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 is the rising price of gas, groceries, or summer clothes for kids, the Massachusetts Legislature has heard loud and clear that increased costs due to inflation have cut into family budgets. That is why we are proud to announce that the Massachusetts Legislature will act to establish the Taxpayer Energy and Economic Relief Fund, through which economic relief rebates for individuals and families will be issued.”One-time rebates of $250 for a taxpayer who files an individual return, and $500 for married taxpayers who file joint returns, will be issued to eligible Massachusetts residents before September 30, 2022. Eligibility will be determined by annual income reported in 2021, with the minimum being $38,000, and the maximum being $100,000 for individual filers and $150,000 for joint filers.”These rebates represent the Legislature’s commitment to delivering immediate financial relief directly to residents of the Commonwealth, rather than to large oil companies that continue to profit off economic uncertainty and international conflict, and follow our efforts to provide $500 in premium pay for lower income front-line workers during the pandemic. As we recognize the need for structural change as well, we continue to work on potential changes to the tax code with the goal of providing additional relief to residents.”

Related:  California will invest $100 million to create its own insulin to combat high drug prices, Newsom says

Leaders of the Massachusetts State Legislature say they “will act” to provide one-time tax rebates of $250 to eligible individual taxpayers and $500 to eligible married couples.

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

Budget watchers at the Massachusetts Taxpayers Foundation expect that the legislature will have a surplus of $3.6 billion when the final accounting of the fiscal year that ended last week is complete, State House News Service reported.

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

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

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

The current legislative session ends at the end of July and Massachusetts lawmakers have several priorities still left to complete, including the next state budget.

The budget for the state’s new fiscal year could include a $600 million tax relief package, SHNS reported. Gov. Charlie Baker has pushed for the budget to double tax credits for dependents and child care, double the allowable maximum for the senior circuit breaker property tax credit, and increase the cap on deductions for rent payments from $3,000 to $5,000.

Related:  Wisconsin Supreme Court restricts ballot drop boxes

Full statement from Mariano, Spilka and others on the one-time rebate plan:

“Whether it is the rising price of gas, groceries, or summer clothes for kids, the Massachusetts Legislature has heard loud and clear that increased costs due to inflation have cut into family budgets. That is why we are proud to announce that the Massachusetts Legislature will act to establish the Taxpayer Energy and Economic Relief Fund, through which economic relief rebates for individuals and families will be issued.

“One-time rebates of $250 for a taxpayer who files an individual return, and $500 for married taxpayers who file joint returns, will be issued to eligible Massachusetts residents before September 30, 2022. Eligibility will be determined by annual income reported in 2021, with the minimum being $38,000, and the maximum being $100,000 for individual filers and $150,000 for joint filers.

“These rebates represent the Legislature’s commitment to delivering immediate financial relief directly to residents of the Commonwealth, rather than to large oil companies that continue to profit off economic uncertainty and international conflict, and follow our efforts to provide $500 in premium pay for lower income front-line workers during the pandemic. As we recognize the need for structural change as well, we continue to work on potential changes to the tax code with the goal of providing additional relief to residents.”



Source link