If a bill passes the Missouri Senate, you could be seeing additional money in your bank account. The proposal would result in a $500 refund for each taxpayer in June.

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Track Bill has the details of the "It's Your Money" act currently in the Missouri Senate. Here's the exact wording of the proposal from their site:

For the 2021 tax year, this act allows a taxpayer to receive a tax credit in the amount of $500. The Department of Revenue shall automatically apply the tax credit authorized by this act to a taxpayer's tax liability, and a taxpayer shall not be required to apply for such tax credit or to amend a return to claim such tax credit. Tax credits authorized by this act shall be refundable, and such refunds shall be remitted to a taxpayer no later than June 1, 2022

That means those that filed an individual Missouri tax return for 2021 would receive $500. Joint filers would receive $1,000.

According to the details of the Missouri Senate bill, there would be no requirement to apply for the refund. All that would be required would be for taxes to be filed by individuals for the 2021 tax year.

The report says this proposal was heard today by the Missouri Senate Ways and Means Committee.

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