(The Center Square) – Virginia taxpayers will soon see one-time rebates of up to $400, according to an announcement from Gov. Glenn Youngkin’s office.
The rebates will provide up to $200 for individual filers and up to $400 for joint filers who owed state income taxes in 2024 and filed by the Nov. 3 deadline.
Payments will begin going out in mid-October, with direct deposits sent to the same accounts used for refunds earlier this year. Others will receive paper checks in the mail.
Youngkin tied the rebates to Virginia’s budget surplus, which commonwealth officials say has reached $10 billion over the past four years. His office also said Virginians have received a total of $9 billion in tax relief during his administration.
“This fall’s tax rebate reflects a simple truth: it’s your money, not the government’s,” Youngkin said in a statement. He also pointed to investments in schools, teachers, law enforcement and behavioral health services.
Secretary of Finance Stephen Cummings said the decision to return funds to taxpayers reflects strong fiscal management. “It is our shared responsibility to ensure that the vast majority of these funds are returned to Virginians while providing record funding or key priorities,” Cummings said.
The rebates will also apply to taxpayers who owe money to the commonwealth. In those cases, the Virginia Department of Taxation will use the rebate to cover outstanding balances.
If the amount owed is larger than the rebate, taxpayers will receive a letter explaining how the credit was applied.
