Stimulus Check From Virginia: How You Can Get Up To $500 In Tax Rebate

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In the absence of federal stimulus checks, many states have come up with their own programs to provide relief to residents. Virginia, for instance, is providing stimulus checks to eligible residents in the form of tax rebates. This stimulus check from Virginia will give up to $250 to individual taxpayers. Virginia is expected to start sending the payment out in October.

Stimulus Check From Virginia: Who Will Get It?

In June, lawmakers approved the rebate plan as part of the state budget. Under the rebate plan, individual taxpayers can get up to $250, while couples filing jointly can qualify for up to $500.

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To qualify for the stimulus check from Virginia, taxpayers need to file a state tax return for 2021. A point to note is that not every taxpayer will be eligible for the rebate, rather those who had a tax liability last year will qualify for the payment.

“Tax liability is the amount of tax you owe throughout the year minus any credits (like the credit for taxes you paid to another state or the credit for low income individuals), deductions, or subtractions,” says the state’s website.

The amount of tax rebate will depend on the taxpayers’ state liability. For instance, if the state liability is more than $250, then the rebate amount will be $250, and if the liability is $100, then the rebate amount will be $100.

In other words, the rebate will cover the actual liability owed with a maximum of $250. Similarly, for couples filing jointly, the maximum available rebate is $500.

Unfortunately, low-income groups, or other groups (such as those living off Social Security) who don’t owe much in state income tax, are unlikely to qualify for this stimulus check from Virginia.

When To Expect The Money

The Virginia Department of Taxation will start sending the payment from October 17 to residents who filed their tax returns by July 1. Most eligible filers are expected to get the rebate by October 31. However, those who filed their return after July 1 can expect a delay in their payment.

Taxpayers who had their tax refund deposited directly into their bank account will get the rebate through the same method. Those who received their tax refund in the mail will get the payment via paper check. 

As of now, it isn’t clear how many Virginians are expected to benefit from this rebate money. The state sent out about 2.5 million checks of up to $110 in a similar rebate initiative in 2019.

Taxpayers with outstanding debts to a state or local agency, such as unpaid child support, may not actually receive the check as the rebate money will first be used to pay off those debts.

To know more about the rebate plan, visit this link