Missouri Gov. Parson unsure about one-time tax credit bill
JEFFERSON CITY, Mo. (AP) — Missouri Gov. Mike Parson on Wednesday said he’s concerned about a one-time tax credit bill awaiting his approval.
The Republican told reporters gathered in his Capitol office that the proposal was “put together in a pretty quick fashion” by the GOP-led Legislature and picks “winners and losers.”
“What I would be calling on the Legislature to do is cut everybody’s income tax,” Parson said. “Make it fair across the board. We can afford to do that right now.”
The bill lawmakers sent to Parson calls for up to a $500 nonrefundable tax credit for single workers and a maximum of $1,500 for married couples filing jointly, although the exact amount available per taxpayer is unclear and also depends on individuals’ tax liability.
Under the program, refunds would go only to individuals earning less than $150,000 and couples making less than $300,000 annually.
The tax credit program is capped at $500 million and refunds would be prorated, meaning taxpayers might not get the full amount if enough people qualify.
People must pay taxes to be eligible for a refund. In practice, people would receive a $1 refund for each $1 of tax owed until their tax bill reaches the refund limit of $500.
Parson said there will be “a lot of discussion” on whether he’ll sign the proposal. He has until mid-July to decide.