Missourians won't stand in line at the D.M.V. anymore to register new vehicles & taxpayers may get $500.00 in June.

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Missouri Taxpayers May Soon Get Money From the StateElizabeth Pagano/Austin Monitor

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.

Senator Hough stated he would like to see the $3 billion balance in general revenue carried by the state returned to the taxpayers. The refunds will cost the state over $2.4 billion if a refund is issued to every adult resident of Missouri.

Money PileElizabeth Pagano/Austin Monitor

Starting January 1st, 2023, You Will Be Able to Skip The DMV After Purchasing A Car From a Dealership.

Senator Hugh also sponsored a bill changing how you will get your vehicle licensed if purchased from a dealership. Senate Bill 967 passed on August 28th, 2022, and will take effect beginning January 1st, 2023.

The act requires all motor vehicle dealers to apply to collect and remit sales tax on your behalf for vehicles they sell. Some dealers in Missouri currently offer to wrap the price of your sales tax into your loan for you.

Starting January 1st, the dealer will be required to remit sales tax on all cars sold. Rolling your sales tax into your loan will depend on the dealership and the lenders.

Change comes from involvement, and involvement is easier than you think. Click this link to email your senator your thoughts on the "It's Your Money Act." You can track Missouri bills on the Missouri Senate website.

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 31, 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 1, 2022, because it contains an emergency clause.

Senator Hough stated he would like to see the $3 billion balance in general revenue carried by the state returned to the taxpayers. The refunds will cost the state over $2.4 billion if a refund is issued to every adult resident of Missouri.

Starting January 1, 2023, You Will Be Able to Skip The DMV After Purchasing A Car From a Dealership

Senator Hugh also sponsored a bill changing how you will get your vehicle licensed if purchased from a dealership. Senate Bill 967 passed on August 28, 2022, and will take effect beginning January 1, 2023.

The act requires all motor vehicle dealers to apply to collect and remit sales tax on your behalf for vehicles they sell. Some dealers in Missouri currently offer to wrap the price of your sales tax into your loan for you.

Starting January 1st, the dealer will be required to remit sales tax on all cars sold. Rolling your sales tax into your loan will depend on the dealership and the lenders.

Change comes from involvement, and involvement is easier than you think. Click this link to email your senator your thoughts on the “It’s Your Money Act.” You can track Missouri bills on the Missouri Senate website.

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