Missouri’s House Budget Committee chairman says you shouldn’t be taxed on federal stimulus checks.
Budget Chairman Cody Smith, R-Carthage, says under Missouri’s tax code, federal stimulus checks related to COVID are subject to personal income tax.
“This legislation would waive that personal income tax not only on the most recent round of stimulus related to COVID-19, but on anything going forward related to this pandemic specifically,” Smith says.
Eligible Americans have been receiving $600 stimulus checks, which are part of the $900 billion stimulus package signed on December 27 by former President Donald Trump.
Chairman Smith says Missourians have already paid their share for the stimulus checks.
“They’ve either already paid these tax dollars or will pay them in the future, and they shouldn’t be taxed again on these stimulus checks especially in a time of need if they can put the money to better use,” says Smith.
Unless state lawmakers take action this session, the federal stimulus checks will cause your state income tax liability to increase. But Smith says he’s “very optimistic” that lawmakers will approve his bill or a similar version.
Click here to read Chairman Smith’s House Bill 991. It’s a seven-page bill.
Click here to listen to Brian Hauswirth’s full interview with Missouri House Budget Committee chairman Cody Smith, R-Carthage, which was recorded on February 13, 2021:
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