Bill > H3144

This bill modifies the Massachusetts tax code's provisions regarding interest rates for tax refunds by amending two sections of chapter 62C of the General Laws. Specifically, the bill removes the last sentence of the second paragraph in section 37 and completely replaces paragraph (a) of section 40. The new language clarifies that when the Massachusetts Department of Revenue (DOR) issues a tax refund, the state treasurer will repay the taxpayer with interest calculated at the rate established under another section of the law. The interest will be computed from the date of overpayment up to a date determined by the commissioner, which will be no more than 30 days before the actual refund check date. The bill also stipulates that a taxpayer's acceptance of the refund check does not prevent them from claiming additional overpayment and associated interest. The changes to the law are set to take effect on January 1, 2026, providing advance notice of the new refund interest calculation method.

Budget and Finance

https://malegislature.gov/Bills/194/H3144