Missourians Won't Get Full Federal Tax Credit
Jefferson City, MO – As the federal government prepares to send $400 for each child to millions of parents, Missourians should not expect the full amount.
The state's tax code is set up to trigger a tax increase from Jefferson City with each tax break from Washington, unless lawmakers choose to create an exemption. That didn't happen this year, so the state will take $24 for every $400 sent from Washington.
That will mean $12 million for the state treasury.
There was an exemption two years ago, when the federal government sent similar mid summer tax refunds, so Missourians got the full check.