State Auditor Suzanne Bump released a report today concerning fiscal 2022 surplus state tax revenues, certifying that $2.94 billion must be returned to taxpayers.

Strong fiscal 2022 tax collections triggered a 1986 law, known as Chapter 62F, which requires the state to return net state tax revenues when they exceed a certain cap due to strong revenue growth.

Bump determined that the net state tax revenues of $41.8 billion for fiscal 2022 exceed the allowable state tax revenues of $38.87 billion (as defined in Chapter 62F) by $2.94 billion.

The Department of Revenue had submitted the $2.94 billion figure on Aug. 31 in its annual report to the state auditor for certification. The auditor had a Sept. 20 deadline to certify if the threshold had been met.

Uncertainty around the surplus amount that would be returned to taxpayers caused delays in two major spending bills: an economic development bill that remains in a House-Senate conference committee, and a fiscal 2022 closeout supplemental budget filed by Gov. Charlie Baker on Aug. 31.

See the auditor’s report (PDF)

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