RICHMOND, VA - Virginia residents can expect a financial boost as the first batch of state tax rebate checks are set to be dispatched this week, announced Governor Glenn Youngkin.
The Background: As part of a budget agreement reached after intense negotiations between the state's Democrats and Republicans, the General Assembly greenlit $200 rebates for individual taxpayers and $400 for joint filers. This compromise saw the Republicans vying for ongoing tax deductions, while the Democrats advocated for amplified education funding.
Eligibility Criteria: It's crucial to note that these rebates will only be granted to those who had tax liabilities in 2022 and made their due payments. To further assist taxpayers, an online portal at tax.virginia.gov/rebate has been established to allow them to verify their eligibility for this one-off tax rebate. The deadline for filing and thus becoming eligible for the rebate is November 1, 2023.
Governor Youngkin, speaking at an event as reported by the Times-Dispatch, stated, "This is not merely a rebate; it's a strategic initiative to ease the living expenses in Virginia. We acknowledge that Virginians have been overtaxed, and this is our way of setting that right."
Youngkin further highlighted the pressing need for these rebates, attributing them to inflation and rising prices stemming from Washington, D.C.'s policies. As the holiday season looms, these rebates aim to alleviate financial pressures, helping Virginians manage their expenses more efficiently. He proudly added, "This administration has facilitated tax reliefs amounting to over $5 billion for Virginians. We're optimistic these rebates will bring tangible relief."
The Commonwealth projects to conclude most rebate issuances by November 7th. Taxpayers who have previously received state tax refunds via direct deposit can expect their rebates in the same bank account. However, others eligible will find their rebate checks in their mailboxes.
Secretary of Finance, Stephen Cummings, expressed, “This marks the second consecutive year that the Commonwealth is reverting excess tax revenues back to its taxpayers. In the upcoming weeks, we're looking at refunding over $900 million to those who filed their Virginia income tax for the 2022 tax year. Cumulatively, since last autumn, we have channeled $2 billion from surplus tax receipts directly back to Virginia families."
However, it's not all smooth sailing. Debt Setoff Rules have been established for these rebates. If a taxpayer owes funds to Virginia Tax or any other state or local entity, their rebate will first be utilized to offset that debt. They will then receive the balance, accompanied by details of the respective agency. If their debt surpasses their rebate, they will be notified of the rebate's allocation towards their debt and provided agency contact details.
As the distribution of these rebate checks begins, Virginians eagerly await the financial relief promised by their state government.
Are you geared up for the upcoming $200-$400 tax rebates? We want to hear from you! How do you feel about this financial boost, and what plans do you have for your rebate? Share your thoughts and excitement with us in the comments below!