The new legislation would cap any 62F credit at $6,500, roughly the amount a taxpayer who earned $1 million in 2021 will receive in the current batch of refunds.
"62F delivers a huge cash windfall to the state's top income earners and very little to lower-income workers. If we don't act, roughly 26% of the $2.9 billion excess will go to taxpayers who earned more than $1 million in income in 2021," Connolly wrote in a , linking to research by the left-leaning Massachusetts Budget and Policy Center."Taxpayers with incomes of $1 million or more will get refunds of about $22,000 on average.
The bill would also make explicit the executive branch's authority to deliver refund checks"to all eligible taxpayers on or after the 2021 tax return filing extension deadline of October 17, 2022." Connolly said that move will align Gov. Charlie Baker's plan with the exact text of Chapter 62F, which calls for excess tax revenues to be returned as a"credit" against tax liability.
Democrat legislative leaders have signaled they do not have much appetite to intervene and change the 62F process before money begins to flow in November -- a step that would be challenging to accomplish since a single objection can stall any bill during the informal sessions on deck for the remainder of the term -- but might be interested in rethinking the formula for future years.
Fellow Democrats Reps. Jamie Belsito of Topsfield and Lindsay Sabadosa of Northampton as well as Sen. Jamie Eldridge of Acton cosponsored the bill. Belsito and Eldridge plan to join Connolly at a press conference Thursday to discuss the topic.
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