Approximately 3.2 million Virginians may soon be flush with an extra $250 in their bank accounts.
The cash distribution, which will begin rolling out September 17, comes courtesy of a new tax law that went into effect earlier this year. As part of the new policy, each rebate — joint filers may receive up to $500 — is designed to benefit individuals with a tax liability, a condition defined by the Virginia Department of Taxation as “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.”
“For example, if you claimed a credit for taxes paid to another state when you filed this year and the credit reduced your tax liability to $100, your rebate would be $100,” a tax department video says about the rebate.
Rebates are expected to be issued in the order that individuals filed their taxes. For those taxpayers who filed by July 1, a rebate can be expected by October 31.
The one-time boost will be distributed by direct deposit and paper checks, depending on how the eligible individual’s taxes were filed. Those who owe money to government agencies or institutions, however, will see either a portion of all of the check used to satisfy preexisting debts.
On September 19, the tax department will be unveiling a user-friendly tool for taxpayers to check whether or not they are eligible for the rebate.
That tool, as well as additional instructions, can be found at tax.virginia.gov/rebate.
Feature image mehaniq41/stock.adobe.com
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