By Mark Hodges, CPA, CFP®, Tax Senior Manager
Virginia offers tax rebate for single and married taxpayers
In September of 2023, the Virginia General Assembly passed legislation to provide for a rebate of Virginia income tax liability from the 2022 tax year of up to $200 for single taxpayers ($400 for married taxpayers filing a joint return). Eligible taxpayers do not need to take any action in order to receive the rebate.
Who qualifies for the rebate?
In order to qualify for the rebate, taxpayers must have filed their 2022 tax returns before November 1, 2023. Taxpayers are only eligible for a rebate if their 2022 tax returns reflected a tax liability after considering income tax credits (if applicable).
Eligible taxpayers who filed their 2022 Virginia income tax returns before July 1 should expect to receive rebates starting in early November. If taxpayers elected to receive their 2022 refunds by direct deposit, the Virginia Department of Taxation will issue the rebate via direct deposit to the same account used for the 2022 refund. Otherwise, eligible taxpayers will receive a check in the mail.
Check your eligibility with the rebate lookup tool found on the Virginia Department of Taxation’s website.
Please reach out to your Keiter Opportunity Advisor if there are questions.
About the Author
Mark Hodges, CPA, CFP®, Tax Senior Manager
To assist his clients in meeting their goals and objectives, Mark takes a team approach—working collaboratively with his clients, their other advisors, and legal counsel. He also specializes in identifying and helping to implement trust and estate planning opportunities for his clients. Mark is a member of Keiter’s Family, Executive & Entrepreneur Advisory Services team.
More Insights from Mark HodgesThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
