(WSET) — More money is coming to Virginians' pockets! The Virginia General Assembly approved a tax rebate earlier this month.
The Virginia Dept. of Taxation says individual taxpayers will receive up to $250, while married couples filing jointly can expect up to $500. The amount is based on the filer's individual/couple's tax liability. The tax authority notes that not every taxpayer is eligible based on their tax liability.
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."
The rebates are expected to start going out in late September, and those who filed before July 1 should expect no later than it October.
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You must file your taxes by November 1 to eligible, the VDoT says.
If you received your tax refund this year via direct deposit, you'll most likely receive your rebate via a direct deposit into the same bank account.
All other eligible taxpayers will receive their rebate by mail -- so make sure your mailing address is up to date. If you make changes to your name, address, or social security number, that information needs to be completed by August 15.
The rebate is being funded due to a budget surplus in the amount of $1.2 billion.