10th Annual Massachusetts Investor Conference
Financial Update (cont)
Chapter 62F
•
Stronger than anticipated state tax revenues led to a major surplus for Fiscal Year 2022.
• As a result, on September 15, 2022 the State Auditor certified that Fiscal Year 2022 state tax
revenues exceeded allowable revenues per Chapter 62F by $2.941 billion.
• In accordance with the statute, the $2.941 billion will be returned to eligible taxpayers by the
Department of Revenue in proportion to personal income tax liability in Massachusetts
incurred by taxpayers in the immediately preceding taxable year
.
⚫ In total, $41.812 billion was collected in FY22, representing overall revenue growth of more
than 20% above Fiscal Year 2021.
• After accounting for the Chapter 62F refunds and the $840 million final FY22 supplemental
budget, a surplus of $1.5 billion remains available.
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