In a surprise, Baker says taxpayers could receive ‘north of $2.5 billion’ in tax relief under little-known law
With state coffers overflowing, Massachusetts taxpayers could receive nearly $3 billion in tax credits under an obscure 36-year-old law, according to Governor Charlie Baker‘s administration, in a mid-summer surprise that could give residents an unexpected boost and scramble State House talks over tax relief.
The potential that the state will be required to give billions in credits caught many off-guard on Beacon Hill. Legislative leaders said Thursday that they learned of the development “literally days ago,” and could not say how it might affect negotiations over a planned $1 billion package of tax breaks and rebates ahead of their final day of formal sessions on Sunday.
How much the state could ultimately hand back to taxpayers is unclear. But Baker said Thursday the state appears poised to trigger a 1986 voter-passed law that seeks to limit state tax revenue growth to the growth of total wages and salaries in the state.
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