Virginia Residents Set to Receive Up to $400 Tax Rebates: Essential Information You Should Know

ago 3 hours
Virginia Residents Set to Receive Up to $400 Tax Rebates: Essential Information You Should Know

Governor Youngkin’s Unprecedented $9 Billion Tax Relief for Virginians

Job Growth and Surplus Revenue Drive Record Tax Rebate

Since assuming office, Governor Youngkin has consistently prioritized tax relief for Virginians. This year, due to robust job growth and over $10 billion in surplus revenue, an unprecedented $9 billion in tax relief has been announced. However, this rebate isn’t automatic for everyone; it largely depends on individual tax obligations from the previous year.

Eligibility Criteria for the Virginia Tax Rebate

To be eligible for the 2024 tax rebate, residents must file their state taxes by November 3. Individuals who completed their submissions before July 1 will see their rebates processed by October 15, with deliveries expected by the end of the month.

  • Filers must have owed state taxes last year to qualify for a rebate.
  • If there are outstanding debts with Virginia Tax or any other state agency, rebate amounts will be applied to those first.

David Kembel, owner of Kembel Tax Service, explains that not everyone will qualify for this rebate. “There are cases, like for retirees with solely Social Security income, where taxes weren’t owed,” Kembel noted. “These individuals won’t receive a rebate if they didn’t contribute state taxes last year.”

How Virginians Will Receive Their Rebates

Qualified recipients will receive their rebates through their preferred refund method—either direct deposit or via paper check. Individual taxpayers can expect up to $200, while joint filers can receive up to $400.

Filing Status Rebate Amount
Individual Up to $200
Joint Filers Up to $400

Reactions from Virginia Residents

Residents are expressing surprise and delight at receiving unexpected rebates. Roanoke’s York Onnen shared, “I initially thought it was a bill, but it turned out to be a pleasant surprise—extra money!” Sonja Seeley echoed the sentiment, looking forward to the financial boost, while Marcia Mason plans to save for Christmas. Caspian Quigley eagerly awaits his check, exclaiming, “Who doesn’t like money?”

Who May Not Receive a Rebate

There are specific groups who will not benefit from this rebate program:

  • Taxpayers whose tax liability was reduced to $0 last year.
  • Individuals whose only income sources were untaxed by Virginia, such as Social Security or unemployment benefits.
  • Those with adjusted gross incomes below $11,950 for individuals or $23,900 for couples, who are not required to file.
  • Anyone with existing debts to Virginia Tax or other state/local agencies, as rebates will be applied to settling these first.

The initiative underscores Emegypt’s commitment to supporting Virginians by utilizing economic growth to deliver tangible benefits to taxpayers across the state.

The post Virginia Residents Set to Receive Up to $400 Tax Rebates: Essential Information You Should Know appeared first on CDN - EmEgypt.