EXPLAINER: If this Senate bill passes, Missourians could see $500 in their bank accounts
JEFFERSON CITY, Mo. (KY3) - A bill filed in the Missouri Senate could give Missourians a $500 tax refund.
The legislation, SB 1138, is sponsored by Missouri State Sen. Lincoln Hough (R-Springfield).
“I’ve never heard anyone say, ‘I wish I gave the state more of my money. They’re doing such a great job,’” said Hough. “But those same people, for the most part, will say, ‘I expect services for the taxes that I’m paying.’”
Nearly $3 billion is sitting in the state’s bank account. Sen. Lincoln Hough wants to give that money back to Missourians.
”When we have $3 billion sitting in the treasury, I don’t think, and thus far, I’ve not seen a plan yet from the administration that expends those resources in a tangible way for our residents. I don’t believe people pay taxes for us to put money in the bank,” said Sen. Hough.
He says he doesn’t know of a plan to use that money, so Missourians should get it back.
”If we’re not going to use that money for services for the people who are paying the taxes, I believe that you ought to get your money back,” said Sen. Hough.
Missourians would need to file a tax return for 2021. Individuals would get $500, and those filing jointly would get $1,000.
Sen. Hough says this money would likely help with rebuilding the economy.
”I think anyone with even very basic premise of economics knows that most of that money will recirculate back in the economies. There’s not going to be a lot of people to just take the $500 or $1,000, put it in their savings account. Never look at it again. I think this is a way that we can we can continue to grow our economy as well as let people best decide how to spend their money.”
If passed, you could see your refund by June 1, 2022.
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