Climate Tech | Environment
ClimaTech: A Business Imperative for Massachusetts Employers
Massachusetts employers today are navigating rising costs, shifting policies, and increasing pressure to innovate. But amid this uncertainty…
A law passed in 1986 triggers automatic tax refunds if the state reaches certain revenue targets. The law has only been triggered once, in 1987.
Both individuals who pay personal income tax and pass-through entities like S. Corporations.
In total roughly $2.97 billion will be returned to taxpayers. In general individuals will receive approximately 13% of their Massachusetts personal income tax liability for Tax Year 2021. You can estimate your refund here.
The refunds will automatically be returned to taxpayers sometime in November. They will be based on 2022 tax returns. There is no need to apply.
The Department of Revenue will distribute the money directly as checks or direct deposits.
Refunds are scheduled to begin going out in November 2022.
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