Tuesday, February 7, 2023
HomeNewsNew plan will send rebates of up to $500 to eligible Mass....

New plan will send rebates of up to $500 to eligible Mass. taxpayers – Boston 25 News

0
(0)

[ad_1]

BOSTON — Massachusetts lawmakers on Thursday announced an economic relief plan that will create a fund to provide one-time rebates of up to $500 for income eligible taxpayers.

“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,” Speaker of the House Ronald J. Mariano, Senate President Karen E. Spilka, House Ways & Means Chair Aaron Michlewitz, and Senate Ways & Means Chair Michael J. Rodrigues said in a joint statement.

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 residents before Sept. 30, 2022, according to lawmakers.

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.

Lawmakers added, “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.”

Last week, the Massachusetts Taxpayers Foundation projected the Legislature will have a $3.6 billion surplus on hand once final accounting of FY22, the State House News Service reported.

Steps are also being taken to make changes to the state’s tax code with the goal of providing additional relief to residents.

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



[ad_2]

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments