Do You Qualify? If So … How Much Will You Receive & When?

September 2022

One-Time Tax Rebate Announced

You may be one of the 3.2 million eligible Virginia taxpayers who qualify to receive a one-time tax rebate in October of this year. The rebates are payable up to $250 to individual tax filers and up to $500 for those who filed jointly in 2021. More details in a moment.

In his announcement of the rebates, Governor Glenn Youngkin said, “As Virginians face high inflation and prices coming from policies set in Washington, these one-time tax rebates will help families lower the cost of living. Past administrations have overtaxed Virginians and by returning taxpayer money to Virginia’s taxpayers we are ensuring that hard working Virginians get to keep more of their paycheck during these difficult economic times.”

Are You Eligible?

Not every taxpayer is eligible. To qualify, you must have had a tax liability last year. Tax liability is the amount of tax you owed in 2021 minus any credits. Some credit examples include: Credit for taxes paid to another state and Virginians with lower income may qualify for one of several income-based tax credits. Click here for more info on credits.

Additionally, you must have filed your 2021 return by November 1, 2022.

Note: Your tax rebate will not exceed your 2021 tax liability.

Click here or on the image below to check your eligibility.

If you’re eligible, Virginia Tax will issue rebates in the order that your 2021 return was filed …“first in/first out”. Filed your return by September 5 … expect to receive your rebate by October 31. Eligible taxpayers who file between July 1 and November 1 will receive their rebates within four months of their file dates.

Important: You must file your taxes by November 1 to receive the rebate.

Some taxpayers will receive the rebate by direct deposit and some will receive a paper check. If you received a refund by direct deposit this year, you’ll likely receive your rebate by direct deposit in the same bank account. All other eligible taxpayers will receive their rebate by paper check in the mail.

If you owe money to certain government agencies and institutions, your rebate will be applied to satisfy that debt … with the remainder, if any, sent to you via check. If you owe more than the amount of your rebate, you will be sent a letter explaining the use of your rebate as partial satisfaction of the debt … including contact information for the agency that was owed.

If any of the foregoing seems unclear as to how it applies to your specific circumstances,
please keep in mind that Blair + Assoc will help. Give us a call or drop an email.