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State leaders announce economic rebate plan– Here’s how much you could get. – Boston News, Weather, Sports

[Story Developing] With inflation pinching family budgets and the state sitting on historic surpluses, the leaders of the House and Senate declared Thursday that the branches “will act” to create a fund to provide one-time rebates of $250 for an income eligible taxpayer who files an individual return, and $500 for eligible married taxpayers who file joint returns.

In a joint statement from House Speaker Ron Mariano, Senate President Karen Spilka, House Ways & Means Chair Aaron Michelwitz and Senate Ways & Means Chair Michael Rodrigues, they said that

“Whether it is the rising price of gas, groceries, or summer clothes for kids, the Massachusetts Legislature has heard loud and clear that increased costs due to inflation have cut into family budgets. That is why we are proud to announce that the Massachusetts Legislature will act to establish the Taxpayer Energy and Economic Relief Fund, through which economic relief rebates for individuals and families will be issued.

One-time rebates of $250 for a taxpayer who files an individual return, and $500 for married taxpayers who file joint returns, will be issued to eligible Massachusetts residents before September 30, 2022. Eligibility will be determined by annual income reported in 2021, with the minimum being $38,000, and the maximum being $100,000 for individual filers and $150,000 for joint filers.

These rebates represent the Legislature’s commitment to delivering immediate financial relief directly to residents of the Commonwealth, rather than to large oil companies that continue to profit off economic uncertainty and international conflict, and follow our efforts to provide $500 in premium pay for lower income front-line workers during the pandemic. As we recognize the need for structural change as well, we continue to work on potential changes to the tax code with the goal of providing additional relief to residents.”

– Michael P. Norton/SHNS | 7/7/22 1:41 PM

(Copyright (c) 2022 State House News Service.

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