MA Residents: Are You Ready To Receive Some “Moolah, Moolah, Moolah”?
Governor Charlie Baker's plans for middle-income residents to receive a $250 check from the state of Massachusetts recently fell apart in Boston, but taxpayers are in for another reprieve thanks to a statute that was implemented back in 1986 which mandates that any money collected in state income tax reaches a pre-determined dollar amount that falls within the state budget parameters.
This will result in tax credits that will be sent out to Bay State taxpayers around September 21st as other tax breaks are on the horizon including a raise of the child care credit to $180 and the rental deduction cap will go up from $3,000 to $4,000 as lawmakers well calculated these options to add some more money to state residents which will ease their financial woes. Remember: every little bit helps and this is truly a positive during these tough economic times.
Thanks to this measure, anyone who paid income tax last year will be eligible from the rebate will receive up to $250, however those with an outstanding tax bill could not see a check in their immediate future
State Secretary of Administration and Finance, Michael Heffernan recently spoke on WBZ Radio in Boston as he wants this measure to get the green light:
"We're looking at what's the quickest and most efficient way to get this money back to Massachusetts taxpayers"
House Speaker Ron Mariano was asked by WGBH if this option is legitimate:
"We wanted to make sure to be fiscally prudent that we know what we are getting into. the economy is going through some strange things with a big inflation rate plus oil and gas fluctuations that may lead to a recession."
More information on this topic at hand can be obtained by logging on to CNET's web site.
(Some information obtained in this article, courtesy of CNET
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