The newly approved tax rebates initiative allocates funds for tax refunds to numerous Virginia citizens. This decision followed rigorous deliberations within the Virginia General Assembly. Virginia locals can anticipate a forthcoming stimulus check, with eligible individuals receiving up to $400.
This was made achievable after Governor Glenn Youngkin endorsed a bipartisan budget, incorporating $1 billion for tax alleviation. The budget stands as a testament to what’s attainable when political differences are set aside in favor of pragmatic conservative approaches, aiming to fortify Virginia as an ideal location to reside, work, and nurture a family, stated Governor Youngkin in an official statement.
Virginia Tax Rebate: Eligibility and Details for 2023
In terms of the tax rebate, individual Virginia taxpayers can expect $200, while couples filing jointly are set to receive a $400 check. The ratified financial plan also contemplates raising the standard deduction to $8,500 for individual filers and $17,000 for joint filers.
What criteria should you satisfy?
- Residency in Virginia is a prerequisite.
- Tax filing by November 1st is essential to be eligible for the rebate. Refer to your Individual Income Tax Return for more on how to file.
The Virginia Tax Authority clarified, “Not all taxpayers qualify. Those with a tax liability from the previous year might get up to $200 when filing singly or up to $400 for joint filings. Tax liability refers to annual taxes due, after accounting for credits, deductions, and subtractions.”
For those who’ve availed a direct deposit refund this year, it’s probable the same method and bank account will be used. Conversely, qualifying taxpayers can anticipate a mailed paper check. However, certain taxpayers might see their refund disbursed via direct deposit, while others might get a physical check. Should you be indebted to specific government entities, your refund will offset such debts first, with any remaining balance mailed to you. If the owed sum surpasses your refund, expect correspondence detailing how your refund was applied.
Massachusetts Residents Can Also Claim a New Child Tax Credit
After months of deliberation, Massachusetts is on the brink of passing a significant tax relief bill worth $1 billion. This comprehensive legislation offers benefits to a wide range of individuals, including renters, families, seniors, and individuals.
The focal point of this substantial tax relief bill is the introduction of the new Massachusetts child tax credit. Not only does it increase the child tax credit amount, but it also eliminates the previous cap, ensuring that more families can access this financial aid.
The centerpiece of the Massachusetts tax relief bill is the overhaul of the child and dependent tax credit, accounting for approximately $165 million in the first year and potentially rising to $307 million once fully implemented. The existing tax credit in the state permits parents and guardians to claim a maximum of $240 for each child below the age of 13, as well as for all dependents over 65 and disabled dependents of any age. The new Massachusetts child tax credit elevates this amount to $310 per dependent for the tax year 2023 and up to $440 for subsequent years.
Additionally, the bill removes the previous limit of two qualifying dependents, allowing eligible families to claim the credit for any number of qualifying dependents. For instance, a couple with four children could receive an additional $1,280 per year, starting in 2024. The new Massachusetts child tax credit is expected to benefit over 565,000 families and, when fully implemented, will become the most generous universal child and dependent tax credit in the nation.