RICHMOND, Va. — Virginia will return surplus state funds to taxpayers this fall through rebates of up to $200 for individuals and $400 for joint filers, Governor Glenn Youngkin announced Wednesday.
The payments come from a $10 billion surplus generated over the past four years, fueled by strong job growth and $140 billion in business investment, Youngkin said.
The Governor noted that the rebates reflect the principle that taxpayers’ money should be returned, even as the state continues funding education, law enforcement, and behavioral health programs.
“Virginia’s strong job growth, bolstered by business investment commitments of $140 billion, has driven a total of $10 billion in surplus revenue and enabled a record $9 billion in tax relief,” Youngkin said. “This fall’s tax rebate reflects a simple truth: it’s your money, not the government’s. We have made record investments supporting teachers and students, law enforcement, and Virginians facing behavioral health crises, while also lowering costs for individuals, families, veterans and small businesses.”
Secretary of Finance Stephen Cummings said the rebates demonstrate responsible fiscal management. “As a result of strong fiscal management, Virginia has seen over $10 billion in surplus revenues in the past four years,” Cummings said. “It is our shared responsibility to ensure that the vast majority of these funds are returned to Virginians while providing record funding for key priorities. That’s exactly what we’re doing.”
To be eligible, taxpayers must have incurred tax liability in 2024 and filed their returns by November 3, 2025. Starting Thursday, taxpayers can check eligibility at tax.virginia.gov/rebate.
Those who filed prior to July 1 will receive rebates by October 15, arriving by the end of the month. Direct deposit will be used for taxpayers who filed electronically, while all others will receive paper checks by mail. If a taxpayer owes money to Virginia Tax or another state or local agency, the rebate will first be applied to the debt. Taxpayers whose debts exceed the rebate will receive a letter explaining how the payment was applied, along with contact information for the agency involved. The rebates are part of record tax relief measures in Virginia, alongside investments in education, public safety, and behavioral health. Officials say the initiative underscores the state’s commitment to returning surplus revenue to taxpayers while maintaining funding for key priorities.
