If a new idea is accepted, taxpayers in Missouri might receive some financial assistance before the year’s close. With the new plan, qualifying taxpayers would get a stimulus check from Missouri worth up to $325.
To reduce income taxes, Gov. Mike Parson summoned a special legislature session on Wednesday, during which this idea was presented.
Sen. Lincoln Hough gave the idea on Wednesday to issue a rebate stimulus check to qualified taxpayers. Couples making less than $300,000 a year would be eligible for reimbursement of up to $650, while taxpayers making less than $150,000 would be eligible for a rebate of up to $325.
The bill also provides for phasing out subsequent income tax rate decreases if state tax revenue reaches predetermined levels. If the rate reaches 4.5%, the decrease will stop. In Hough’s proposal, tax reductions for agricultural enterprises are also included.
Stimulus Check From Missouri: Governor Announced $325 Rebates:
The rebate stimulus check plan Gov. Mike Parson vetoed in June is comparable to Hough’s concept. Each taxpayer who reported taxable income would have received a reimbursement of up to $500 under the spending plan that Parson vetoed.
Parson stated at the time that the plan didn’t have enough money to cover the entire rebate and that the state should develop a long-term solution rather than just issuing a rebate stimulus check.
Additionally, Parson vetoed a bill seeking incentives for rural communities, claiming the two-year expiration was unworkable. But on Wednesday, the governor requested that the bill include rural incentives and give them a six-year expiration.
In addition to Hough, ten more legislators proposed a plan for using state taxes. More than two dozen bills were submitted on Wednesday, with 10 supporting income tax reductions and one advocating a reduction in the corporate income tax.