Massachusetts Excess Revenue Credit will be refunded to Taxpayers

Massachusetts will shortly be issuing refunds for the return of excess revenue collected for the fiscal year 2022. These refunds will be finalized by the end of October and begin to be received by taxpayers starting in November through either the mail or direct deposit. The excess revenue credit will be approximately 13% of a taxpayer’s Massachusetts 2021 personal income tax liability. To be eligible for the excess revenue credit a taxpayer must have filed a 2021 personal income tax return and had a tax liability (before taking into account income tax withholdings or estimated tax payments).