Thursday, September 15, 2022

IMPORTANT UPDATE: $2.94 Billion Tax Surplus To Be Returned To Taxpayers - An Unprecedented Victory

The fruit of the 1986 ballot question will be realized now that the State Auditor has completed the required assessment to confirm that the state will return nearly $3 Billion to taxpayers. Providing families with tax relief has been a priority of mine for many years and while we are still working on long-lasting structural changes to the tax code this one-time tax cut is significant. 

Here is the Auditor's press release: 

Net State Tax Revenue Exceeds Allowable State Tax Revenue 

Today State Auditor Suzanne Bump announced that her office has completed its review of the report of net tax revenues and allowable state tax revenues for the fiscal year ended June 30, 2022, as prepared by the Commissioner of Revenue. She has determined that the net state tax revenues of $41,812,654,358 for the fiscal year ended June 30, 2022 are above the allowable state tax revenues of $38,871,154,627 (as defined in Chapter 62F of the General Laws) by the amount of $2,941,499,731. 

“Our review requires us to do more than check DOR’s math,” said Auditor Bump. “As has been done each year of my tenure, we apply generally accepted government auditing standards in our review to verify the accuracy and completeness of the report provided by DOR. This provides us with reasonable assurance required by those standards that DOR’s figures are correct. Since FY21 revenues had been $36,789,926,416, the operation of Chapter 62F caps allowable state tax revenues for FY22 at $38,871,154,62. The collection of $41,812,654,358 in FY22 exceeds that cap by $2,941,499,731. According to Chapter 62F, a return of this amount in the form of a credit must be effectuated by the commissioner of DOR.”