Will There Be A Refund Coming to Missouri Taxpayers?
The Committee on Ways and Means held a hearing for the “It’s Your Money Act” on March 31st, 2022. This measure allows the Department of Revenue to automatically apply a $500 tax credit to a Missouri taxpayer’s 2021 tax liability.
The credit is refundable. Taxpayers will not be required to apply for the credit or amend a previously filed return to receive the tax credit.
Unfortunately, you will miss out if you owe the state back taxes. Missouri will deduct any state owed taxes from the refund before issuing your payment.
Missouri State Republican Senator Lincoln Hough sponsors the measure. If approved, you may receive your refund by June 1st, 2022, because it contains an emergency clause…