JEFFERSON CITY – Missouri State Representative Cody Smith and members of House Leadership want to help working Missourians afford the ever-increasing cost of living. Smith, who chairs the House Budget Committee, filed legislation (HB 3021) today that would create a one-time economic recovery tax credit for Missouri residents who paid personal income tax in the state for 2021. House Speaker Rob Vescovo, Majority Floor Leader Dean Plocher, and Speaker Pro Tem John Wiemann announced their strong support for the plan as it was filed.
Smith said HB 3021 will appropriate $1 billion from the state’s General Revenue Fund to fund a one-time economic recovery non-refundable tax credit. Under Smith’s plan, anyone filing an individual tax Missouri personal income tax return would receive up to a $500 credit. Married couples filing jointly would receive up to a $1,000 credit. Smith noted the credit is limited to individuals who were a Missouri resident for the entire tax year.
“As families struggle to make ends meet with the rising cost of inflation, it’s important that we do everything we can to help them keep more of their hard-earned dollars. The state is fortunate to have a record surplus that we can use a portion of to provide direct economic relief to working Missourians,” said Smith, R-Carthage.
Vescovo, Plocher, and Wiemann issued a joint statement saying, “As a caucus we have made it clear that we do not support the idea of spending every available dollar to increase the size of government, but instead believe individual Missourians are the best decision makers for how to spend their tax dollars.”
Vescovo noted that he and Smith have worked together over the past few months to find the best solution for providing substantive relief to working Missourians. He added that HB 3021 will be a legislative priority for the House in the final weeks of session.