To cash in on the rebate, Virginians must file their 2021 taxes by Nov. 1. Rebates will be doled out based on each filer’s financial situation and entail payments of up to $250 for individual filers and $500 for joint filers.
“As Virginians face high inflation and prices coming from policies set in Washington, these one-time tax rebates will help families lower the cost of living,” Republican Gov. Glenn Youngkin explained in a press release.
“Past administrations have overtaxed Virginians, and by returning taxpayer money to Virginia’s taxpayers, we are ensuring that hardworking Virginians get to keep more of their paycheck during these difficult economic times,” he added.
Payments will be sent out via direct deposit or paper checks, and Virginia state officials may use one’s rebate to remedy outstanding debt obligations to the state.
An estimated 3.2 million Virginian taxpayers are eligible for the tax rebate, per the state. A portal for the rebate was opened on Sept. 19. Residents who filed their tax forms by Sept. 5 are expected to collect their rebate payments by Halloween.
Numerous states across the country are sitting on budget surpluses from the pandemic and have opted to return that money to citizens through various tax breaks and stimulus measures.
Virginia has created a tool for residents to assess whether they are eligible for the rebate. One prerequisite is that residents must have had a tax liability — taxes owed minus any deductions and credits.