With inflation pinching family budgets and the state sitting on historic surpluses, many Massachusetts taxpayers would qualify for one-time economic relief rebates:
With inflation pinching family budgets and the state sitting on historic surpluses, many Massachusetts taxpayers would qualify for one-time economic relief rebates from state government under a $500 million plan top Democrats unveiled Thursday.
Individual taxpayers who reported earning between $38,000 and $100,000 in annual income in 2021 will be eligible. For married couples, the minimum annual income to qualify would also be $38,000 and the maximum would be $150,000.In an interview with the News Service, Rodrigues said the package would cost"about $500 million," all of which he said would come from a booming fiscal year 2022 budget surplus.
It was not immediately clear Thursday how many Massachusetts residents would qualify for the one-time payments. Those on the lowest rung of the income ladder would be ineligible because the plan as outlined requires an individual to have reported a minimum of $38,000 in annual income last year. The Senate Ways and Means chair said he expects the fiscal year 2022 surplus will come in"a little over $3 billion." The Department of Revenue still has not yet reported its monthly tax haul for June, a figure that Rodrigues said will be"not insignificant."
The proposed payments come as Bay Staters grapple with soaring inflation that has driven up the price of basic household goods and several continuous months of record gas prices. Legislative leaders previouslypushes to lift the state's 24-cents-per-gallon gas tax, and while they have kept other tax relief options in play, they have moved slowly and have not yet embraced a specific plan.
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