Stimulus checks from Missouri: Senators refund $ 1,000 in taxes …
Stimulus checks from Missouri: Senators refund $ 1,000 in taxes …

Stimulus checks from Missouri: Senators refund $ 1,000 in taxes …

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Over the past few months, several states have come up with stimulus checks in the form of rebates or refunds to help citizens offset some of the effects of inflation. Missouri Senators have also proposed a similar plan that, if approved, would offer a tax rebate to eligible residents. Stimulation checks from Missouri will be a one-time payment of $ 500. Although the plan appears to have broad support, it still needs to be approved by House and Governor Mike Parson.

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Stimulus checks from Missouri: Who gets them?

Last week, the Missouri Senate approved a plan that would offer a one-time tax deduction of up to $ 500 for individuals ($ 1,000 for couples). The primary goal of the plan is to help residents cope with rising inflation levels.

Dan Hegeman, chairman of the Senate Appropriations Committee, describes the plan as “a discount on your hard-earned (tax) dollars.”

Under the proposal, stimulus checks from Missouri will go to individuals with an income of less than $ 150,000 and couples with earnings below $ 300,000. The cost of the repayments is set at $ 500 million. So it is possible that the refunds will be proportionate (or the final control amount reduced) to ensure that the total amount of refunds does not exceed $ 500 million.

Although the plan to send these one-time stimulus checks from Missouri enjoys the support of the Senate, it still lacks a final vote before it can go to Parliament and then to Governor Mike Parson.

“I think we landed somewhere that’s a good place,” said Senate Minority Leader John Rizzo. “I think we have a pretty good compromise here.”

It should be noted that the House previously adopted a similar proposal, but it had no income limits. The house’s proposal will also be limited to a total price of 1 billion. To be entitled to the money, however, the residents must have paid taxes. Budget Chairman Cody Smith, R-Carthage, is in favor of retaining a larger amount, as well as not limiting it by income.

A record-breaking state budget, thanks to strong state tax collection and federal pandemic support, has pushed lawmakers to consider tax cuts. Both chambers have until May 13 to agree on the legislation.

Similar plans from other states

Apart from Missouri, many other states have also come up with proposals to provide incentive money to their residents as inflation reaches new heights. Hawaii, for example, has proposed a rebate program that would provide $ 300 to taxpayers who earn less than $ 100,000 a year. Those with an income of more than $ 100,000 annually will receive $ 100.

Pennsylvania is also working on a plan to provide $ 2,000 to families with incomes of $ 80,000 or less. Separately, lawmakers in Maine recently approved a budget that includes sending $ 850 stimulus checks to about 858,000 residents. Similarly, New Mexico residents can expect to receive cash discounts of between $ 500 and $ 1,000.

Updated May 11, 2022 at 9:42

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