Millions of Americans Will Receive Christmas Cash from a $3 Billion Pot in Three Days

Approximately three million residents of the state of Massachusetts can receive a Christmas rebate from a pot of money worth $3 billion. This rebate is being offered to qualified residents to provide some additional financial assistance during the holiday season.

To qualify for the rebate, residents must meet certain criteria and submit the necessary documents. Those who are successful in their application will receive a payment in the coming days, just in time for Christmas.

Residents of Massachusetts who qualify for the rebate will receive back up to 13 percent of what they paid in state income taxes in 2021.

The amount that residents will receive as part of the rebate will be calculated as 13 percent of what they paid in state income taxes, which is equivalent to 0.7 percent of their total taxable income. This means that residents with higher taxable incomes will receive larger rebates.

Rebate will be calculated in connection with the income of the household, that is why there is no maximum amount of rebate that they can receive.

Residents who earn around $40,000 per year can expect to receive a rebate of just over $200, while those who earn $1 million or more will be qualified for rebates of up to $7,000. The exact amount that each resident receives will depend on their individual taxable income and the amount of state income tax that they paid in 2021.

Residents who are curious about the specific amount that they will receive as part of the rebate program can visit the Massachusetts government website to estimate their rebate amount.

Through December 15, the lump sum payments for the rebate program will be distributed.

This program is possible because of state law, which requires that any tax revenue collected over a certain amount be returned to taxpayers.