BOSTON (WWLP) – Chapter 62F gave money back to taxpayers this past year, but there are multiple efforts on Beacon hill to change how surpluses are handled.
Currently, there are several bills that have already been filed that would completely scrap 62F. Chapter 62F is a voter approved law that caps allowable state tax collections at a level that is tied to annual wage and salary growth. When tax collections go above that cap, it is to be returned to taxpayers.
This obscure law caught legislators by surprise last session and it caused them to completely do away with tax relief efforts.
On Monday, budget leaders Representative Aaron Michlewitz and Senator Michael Rodrigues were asked to join the meeting held occasionally by the “Big Three” The governor, the senate president and the speaker.
When 22News asked Governor Maura Healey about the future of 62F, she quickly changed the subject, “I don’t know what the future looks like, I know that right now we’re really pleased to be out with the consensus revenue numbers and we’re having some discussion about upcoming budget and priorities in the like and a lot of work to sort through.”
There are at least four bills to completely repeal 62F that have been filed this session. Chapter 62F returned nearly $3 billion to taxpayers last year.