About 3.6 million Bay Staters are expected to get back a piece of $2.941 billion that state government is required to return after it collected more in taxes last year than a 1986 voter law known as Chapter 62F allows.
But while Chapter 62F's nearly $3 billion impact was not clear until late July, the Department of Revenue
The regulation that was repealed described a process under which a taxpayer"may claim an excess revenue credit toward personal income tax liability for the current taxable year equal to the taxpayer's personal income tax liability for the previous taxable year multiplied by the excess revenue percentage."
Next, DOR will multiply the liability as reported on a taxpayer's personal income tax return by the"excess revenue percentage" to calculate the taxpayer's excess revenue credit amount. What was made official Friday mirrored what the Baker administration had announced a month ago. Since then, a top senator quibbled with the administration's plan --"The law is pretty clear, in my opinion, if you read the law," Senate Ways and Means Chairman Michael Rodrigues said last month."So if you're going to follow the law, which we're hoping everybody follows the law, then there will be credits next year.
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