Tax Refund: This proposal could give some Americans $500

A new tax rebate proposal in the state of Kentucky could give residents a tax refund with $500 more dollars if approved on Wednesday night.

This would be a one time tax rebate, but both chambers have suggested slightly different plans.

The Senate has proposed a one time tax rebate to add to a tax refund, while the House wants to decrease the income tax rate from 5% to 4%.

It would go into effect Jan. 1, 2023.

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Both are looking to compromise.

In addition to deciding on a tax rebate, they need to discuss sports betting, medical marijuana, and charter schools.

Who qualifies to the tax rebate for the tax refund?

Those who filed returns in 2020 could qualify for the $500 rebate.

If you file jointly the tax refund will be $1,000.

If you made less than the rebate or did not file taxes you will not qualify.

This proposal comes as inflation continues to surpass historical increases.