MA Residents Have Opportunities To Receive Some Moolah, Moolah, Moolah!

In 2020 and 2021, a total of three mammoth stimulus payments made big headlines, but many states have also gotten into the act in 2022 and 2023 as well. There are still a handful of states that recently authorized new stimulus programs or have yet to distribute all of the funds they originally allocated. Guess what! The Bay State is STILL included in the mix as residents have opportunities to reap the benefits.

Massachusetts began paying out state tax refunds in November of 2022, and those payments are essentially over as eligible filers were entitled to a refund of 14.0312% of their 2021 Massachusetts state tax liability. There is good news! Late filers have until September 15th, 2023 to get their returns in and still qualify for this rebate, which will be paid about one month after the state processes their returns.

Approximately 3 million taxpayers have received money in the form of a mailed check or a direct deposit from the state of Massachusetts, but there is room for improvement as
it takes anywhere between 8-10 weeks for direct deposit requests. Add another week if you want to receive these funds via a paper check.

The Department of Revenue says that eligible taxpayers will receive a credit in the form of a refund that is approximately 13% of their Massachusetts Tax Year 2021 personal income tax liability. To clarify any of this information, log on to the state's web site.

Other states that are also offering these incentives have either recently authorized new stimulus or have yet to distribute all of the money they originally allocated. they include Idaho, Illinois, Maine, Montana and New Mexico.

BOTTOM LINE: It's ALWAYS good to get something for nothing!

(Some information obtained in this article, courtesy of www.newsbreak.com)