With federal stimulus checks put on the backburner, for now, several American states have come up with stimulus checks on their initiative. The payments are in the form of direct stimulus checks, refunds, and rebates. This is expected to help people partially stave off the impact of the high inflation rate, the highest in over 4 decades.
Senators in Missouri have even proposed a plan on these lines, which if approves, would give a rebate to entitled residents. The Missouri stimulus check is expected to be a single $500 payment
The plan to give $500 to individuals and $1,000 to families was sanctioned by the Missouri state Senate. The plan’s primary objective is to enable residents to cope with the high rate of inflation that has skewered the finances of low-income families.
The Stimulus Check Has Been Described As A Rebate On The Tax Amount
The chairman of the Senate Appropriations Committee, Dan Hagerman, has described the plan to be a rebate on the tax amount. According to the scheme, the Missouri stimulus check will be sent to persons with income below $150,000 and double that amount for couples who file their returns jointly.
The refund cost has been set at $500M. there is a chance that the final relief check amount could be reduced to guarantee that the final amount does not exceed $500M.
Though the Senate is behind the plan for the one-off stimulus check, there is still the matter of the vote by the House of Representatives of Missouri. Only then will it move on to Governor Mike Parson for the final signature before it becomes law.
John Rizzo, the Senate Minority Leader, said that they were on the way to a consensus. The House had passed a proposal earlier along similar lines. But a cap on income was not set then. The House scheme would be restricted to $1M. but to be entitled to the stimulus check, the residents should have cleared their taxes.
A surplus state budget and the federal pandemic relief paid have encouraged lawmakers to move toward tax breaks for their residents.
