The path to 2022 tax relief started in 1986 when 54% of voters approved a ballot initiative setting a state revenue cap. For the second time since the law was enacted, the 62F law will mean rebates for many Massachusetts taxpayers. The last time this law was triggered was in 1987.

 

Though some state lawmakers and advocates claim Massachusetts needs more revenue and urging voters to pass a 4% income tax surcharge, the reality is Massachusetts collected so much excess revenue in 2022 it must return nearly $3 billion to taxpayers. For most Massachusetts residents, it will mean a refund of approximately 13% of your 2021 personal income tax liabilities that will arrive later this year. This relief is statutorily required and not part of the stalled economic development bill that includes additional tax reforms.

 

To learn more about the 62F tax law, including a refund calculator, click here.