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Missouri senators back $500 tax refund for individuals

Missouri taxpayers are a step closer to getting a several-hundred-dollar refund from the state.
Missouri taxpayers are a step closer to getting a several-hundred-dollar refund from the state.(Pexels)
Published: May. 6, 2022 at 5:56 AM CDT
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JEFFERSON CITY, Mo. (AP) - Missouri taxpayers are a step closer to getting a several-hundred-dollar refund from the state.

The Senate on Thursday night endorsed a plan to provide a one-time tax credit of up to $500 for individuals and $1,000 for couples.

The refunds would go only to individuals earning less than $150,000 and couples making less than $300,000 annually.

The total cost of the refunds would be capped at $500 million.

The Senate plan needs a final vote to go to the House.

The House previously passed a similar tax credit that contains no income limits and would be capped at a total cost of $1 billion.

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