Virginia extends tax payment deadline to June 1
Tax returns for businesses and individuals are still due on May 1, however.
Published
Virginia is granting a one-month extension for payment of individual and corporate state income taxes by June 1, although tax returns are still due May 1, Virginia Secretary of Finance Aubrey Layne Jr. said during a state coronavirus news briefing Thursday.
Anyone who pays their state income tax after June 1 will not incur late penalties but will have to pay interest, he added.
Businesses can apply for an extension on submitting their sales-tax returns, which are due Friday, to April 20. Layne Jr. emphasized that businesses must request the extension, which will come from the Virginia Department of Taxation. He expects the one-month delay will cost the state $145 billion, and localities will directly feel about $30 billion of that total. “We must balance our budget,” he said. “We can’t print money.”
About 10,000 Virginians have applied for unemployment benefits with the Virginia Employment Commission as of Wednesday, the governor said.
Subscribe to Virginia Business.
Related Stories
Federal tax filing deadline moved to July 15
Move announced in tweets by U.S. Secretary of the Treasury Steven Mnuchin
State looks to private industry for protective medical gear
Northam calling on companies to redirect safety equipment for front-line medical workers.
Real ID deadline extended by one year
Virginians have until Oct. 1, 2021, to obtain new federally compliant driver's licenses
State extends ban on utility service disconnects
State Corporation Commission will delay disconnects until June 14.
Trending
Sponsored Stories
How can a Third-Party Logistics company help solve your COVID-19 Supply Chain Problems?
With Lawsuits on the Rise, Here are 5 Things Every Business Needs to Know About Website Accessibility
Mindful Marketing & Measured Decisions: Navigating Your Business in the Face of COVID-19 Enforcement Actions
