Virginia taxpayers will want to keep an eye on their bank accounts as the state is preparing to send out millions of tax rebates.
“We expect to issue about 3.2 million one-time tax rebates and get these rebates to taxpayers, either in the form of direct deposit or check,” said Virginia Tax Commissioner Craig Burns.
The rebates were approved by the Virginia General Assembly earlier this year.
Individual taxpayers will receive $250, and couples who file jointly will get $500. Rebates for some taxpayers will be reduced or withheld to satisfy existing debts.
“If you owe money to certain government agencies and institutions, we are required to use your rebate to satisfy that debt before sending you the remainder in a check,” according to the Virginia Department of Taxation. “If you owe more than the amount of your rebate, we will send you a letter explaining the use of your rebate toward the debt.”
The state plans to start issuing the rebates in the coming days.
“We will do a soft launch this Friday and Saturday with a few thousand direct deposits and checks to make sure everything works,” said Burns. “Next week at this time, hopefully, we will be 300,000 into issuing rebates.”
Starting Monday, Sept. 19, Burns said the plan is to issue 250,000 rebates per day. The state will issue rebates in the order that taxpayers filed their returns.
About 1.3 million rebates will be issued through direct deposit, and nearly 2 million will be sent via check.
“If you’re eligible and filed by July 1, we’ll send your rebate by Oct. 17, which means you should receive it by Oct. 31,” according to the taxation department. “You must file your taxes by Nov. 1 to receive the rebate.”
Burns said taxpayers can contact the department online or by phone to determine eligibility for the rebate, the amount they will receive and when they should expect to receive it.