BOSTON (WWLP) – Taxpayer organizations held a press conference on Monday to call on lawmakers to ensure the return of Chapter 62F money to residents of the Commonwealth. The state is flushed with cash and legislative leaders originally planned to provide tax relief through an economic development bill.
However, late in session, a mostly forgotten law from the ’80s resurfaced known as Chapter 62F. Chapter 62F caps allowable state tax collections at a level that is tied to annual wage and salary growth. Revenue above said cap is to be returned to taxpayers through a credit.
Because it is not currently known how much money will be returned, the tax relief found in the economic development bill has been put on hold. The taxpayers organizations that held the virtual press conference today voiced their concerns that the legislature could try and repeal 62F. If the legislature tries to do so, the organizations are ready to file a lawsuit.
“Our hope of course is that the public officials involved will carry out their oath of office and follow the law as it’s written. Which if they do, results in a sizable tax credit back to the taxpayers which they voted for and which they deserve. But, if that doesn’t happen, we’re prepared to go forward with a lawsuit to compel compliance with the law as the law provides”, said Dan Winslow, the president of the New England Foundation.
The Executive Office for Administration and Finance estimates that there will be around $3 billion dollars in tax refunds to be paid out to taxpayers under 62F. A final calculation of the numbers will come from the auditor’s office by September 20th.