For the purposes of this regulation, the following terms have the following meanings:
Commissioner, the Commissioner of the Department of Revenue of the Commonwealth of Massachusetts, or the Commissioner's designee.
Current calendar year, the calendar year in which the State Auditor makes a determination under M.G.L. c. 62F, § 5(b), that net state tax revenues for the previous fiscal year ( i.e., the fiscal year ending on June 30 of the calendar year in which the State Auditor makes the determination) exceed allowable state tax revenues for that fiscal year.
Current taxable year, for taxpayers who report on a calendar year basis, the current calendar year; for taxpayers who report on a fiscal year basis, the taxable year that begins during the current calendar year unless the taxable year ends on or after September 30 of the current calendar year, in which case, the current taxable year shall be the taxable year ending during the current calendar year.
Department, the Department of Revenue of the Commonwealth of Massachusetts.
Excess revenue credit, the credit allowed under M.G.L. c. 62F, § 6, calculated by multiplying a taxpayer's personal income tax liability for the previous taxable year by the excess revenue percentage.
Excess revenue percentage, the percentage (to four decimal places) resulting when the Department divides excess state tax revenues determined by the State Auditor by the personal income tax liability incurred by all taxpayers in the previous taxable year.
Excess state tax revenues, the amount, as determined by the State Auditor under M.G.L. c. 62F, § 5(b), by which "net state tax revenues" for a fiscal year exceed "allowable state tax revenues" for that fiscal year, as those terms are defined in M.G.L. c. 62F, § 2.
He, him, or his, a person of either the male or female gender, a business entity that files a return under M.G.L. c. 62, or a couple who files jointly.
Personal income tax liability, a taxpayer's liability to the state for taxes under M.G.L. c. 62, after allowing for any credits, but before adjusting for any withholding, estimated payments, voluntary contributions, or other such amounts.
Previous taxable year, the taxable year, as determined under M.G.L. c. 62, §§ 1(h) and 62, immediately preceding the current taxable year.
State Auditor, the State Auditor for the Commonwealth of Massachusetts.