Several states have issued stimulus checks in the form of rebates or refunds in recent months to help residents offset some of the effects of inflation. Missouri Senators have proposed a similar plan, which, if approved, would provide eligible residents with a tax rebate. Missouri’s stimulus checks will be a one-time payment of $500. Despite widespread support, the plan must still be approved by the House and Governor Mike Parson.
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Missouri Stimulus Checks: Who Will Receive Them?
The Missouri Senate approved a plan last week that would provide individuals with a one-time tax credit of up to $500 ($1,000 for couples). The plan’s primary goal is to assist residents in dealing with rising levels of inflation.
According to the proposal, Missouri stimulus checks will be distributed to individuals earning less than $150,000 and couples earning less than $300,000. The refunds are estimated to cost $500 million. As a result, refunds may be prorated (or the final check amount reduced) to ensure that the total amount of refunds does not exceed $500 million.
Though the Senate supports the plan to send these one-time stimulus checks from Missouri, it still requires a final vote before it can be sent to the House and then to Gov. Mike Parson.
“I believe we have landed in a good place,” Senate Minority Leader John Rizzo said. “I think we’ve found a good middle ground here.”
It should be noted that the House previously passed a similar proposal with no income limits. In addition, the House proposal would be limited to a total cost of $1 billion. Residents must, however, have paid taxes in order to be eligible for the funds. Budget Chairman Cody Smith, R-Carthage, favors keeping a larger amount and not limiting it based on income.
A record state budget, made possible by strong state tax collections and federal pandemic aid, has prompted lawmakers to consider tax breaks. Both chambers have until May 13 to reach an agreement on the legislation.
Plans from other states that are similar
Aside from Missouri, many other states have proposed providing stimulus funds to their residents as inflation reaches new highs. Hawaii, for example, has proposed a $300 rebate program for taxpayers earning less than $100,000 per year. Those with an annual income of more than $100,000 will receive $100.
Pennsylvania is also working on a plan to provide $2,000 grants to families earning $80,000 or less. Separately, Maine lawmakers recently approved a budget that includes $850 stimulus checks for approximately 858,000 residents. Similarly, residents of New Mexico can expect to receive cash rebates ranging from $500 to $1,000.