Missouri senators back $500 tax refund for individuals

(AP) — Missouri taxpayers are a step closer to getting a several-hundred-dollar refund from the state. 

The Senate on Thursday night endorsed a plan to provide a one-time tax credit of up to $500 for individuals and $1,000 for couples. 

The refunds would go only to individuals earning less than $150,000 and couples making less than $300,000 annually. 

The total cost of the refunds would be capped at $500 million. 

The Senate plan needs a final vote to go to the House. 

The House previously passed a similar tax credit that contains no income limits and would be capped at a total cost of $1 billion.