Good news, Virginia: You might be getting some extra cash soon!
According to state officials, over $900 million in state tax rebates will go out to Virginia taxpayers in the coming weeks.
Individuals who filed their state taxes in 2022 will receive a $200 rebate, while couples filing jointly will receive $400.
Virginians are receiving these tax rebates because of a proposal that originated in the Democratic-majority state Senate, where members clashed with Gov. Glenn Youngkin and the Republican-controlled House of Delegates over amendments to the state budget earlier this year.
After months of negotiations, Democrats secured the tax rebates, as lawmakers finally agreed on amendments that not only provide Virginians with direct tax rebates this year, but also increase the standard deduction to $8,500 for single filers and $17,000 for joint returns, which will save taxpayers money next year, too.
Youngkin, meanwhile, failed to win the permanent tax cuts for corporations and the ultra-wealthy that he’d pushed for.
To help Virginians figure out whether or not they’re eligible for the rebate, the state Department of Taxation has a handy online lookup tool.
If you’ve already filed your 2022 state income tax return, you’re likely all set. Folks who haven’t yet filed their 2022 taxes have until Nov. 1 to do so if they want to qualify for this year’s rebate. One caveat is that rebates for taxpayers who owe money to certain government agencies will be reduced or withheld.
“We recognize the hardships many are facing, especially during this time of inflation. These rebates serve as a way to put some much-needed money back into the pockets of Virginians,” said Democratic Sen. Janet Howell, a lead budget negotiator. “If you haven’t done so already, I urge you to file your taxes by November 1 to take advantage of this opportunity.”
If you received your 2022 tax refund via direct deposit earlier this year, you’ll likely be getting your tax rebate the same way. Look for “VA DEPT TAXATION VATXREBATE” in your account deposit information.
All other eligible taxpayers will get their rebates via a mailed check.
Some Virginians will receive their rebates as soon as this week, and the Virginia Department of Taxation says that most rebates will be issued in early November; folks who filed their taxes before July 1, 2023, will receive their rebate before Nov. 30.
Youngkin claims that most rebates will be issued by Nov. 7 – Election Day.
Democratic lawmakers are taking issue with the timing of the credits and of Youngkin’s apparent effort to take credit for them.
“Make no mistake. The rebate checks that the Governor is claiming credit for were neither his doing nor his idea; they originated with Democrats in the Senate,” said Senate Democratic Caucus chair Mamie Locke. “The budget initially passed by House Republicans was a corporate tax scheme that would have disproportionately benefited the ultra-wealthy at the expense of our schools. Senate Democrats successfully fought for a final budget that invests over $900 million in public education and lets hardworking people keep more of what they earn through the tax rebates that families will be soon receiving.”
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