Now that Gov. Glenn Youngkin has approved the 2023 budget, Virginia taxpayers are set to receive a one-time tax rebate soon. The 2023 Virginia tax rebate, however, is not available to everyone. Taxpayers need to file their taxes by November 1 to qualify for the rebate.
2023 Virginia tax rebate: who will get it?
The Virginia General Assembly recently passed a bill that will give taxpayers a rebate of up to $400. Lawmakers reached an agreement on the rebate in August, putting an end to six months of negotiations between House and Senate representatives. It is the second time in recent years that the state is returning surplus revenue to its residents.
The 2023 Virginia tax rebate is available only to those with a tax liability last year, which is basically the difference between the taxes owed throughout the year, less any credits and deductions. Also, taxpayers must file their taxes by November 1 to qualify for the rebate.
The Department of Taxation offers many filing options to help taxpayers with the filing process. If a taxpayer is not sure about their eligibility for the rebate, the department recommends that they check their tax records or contact them directly.
The department says it is unable to “provide taxpayer-specific information about eligibility at this time.” So, expect more details on the 2023 Virginia tax rebate from the department soon.
How much money to expect and how to get it
How you receive the rebate depends on how you received the refund this year. If you got your refund via direct deposit, you will likely receive the 2023 Virginia tax rebate in the same bank account as well. Others will get the rebate money by paper check in the mail.
There is no way for taxpayers to change their banking details. So, if your bank account has changed since getting the refund, you will likely receive a paper check.
Those who moved to a new address last year and have a current forwarding order with the USPS, their paper check will be forwarded to their new address. If you aren’t sure if your new address is up-to-date with the department, you need to check the department’s website to get more information.
Single filers will get $200, while joint filers could get up to $400. However, some taxpayers’ rebate money could be reduced or withheld to satisfy existing debts.
For instance, if a taxpayer owes any money to certain government agencies or institutions, the department can withhold the rebate money to pay the debt and then send the remaining money, if any, to the recipient.
If the debt amount is more than the rebate amount, the department will send you a letter explaining the use of the rebate money.
You can reach out to the Virginia Department of Taxation for more information on the rebate money.