                                 CODE OF VIRGINIA

VOLUNTARY CONTRIBUTIONS OF REFUNDS INTO COMMONWEALTH SAVERS PLAN ACCOUNTS (§
58.1-344.4)

A. If an individual is entitled to an income tax refund for the taxable year,
that individual may designate on his Virginia individual income tax return a
contribution to one or more Commonwealth Savers Plan accounts established under
Chapter 7 (&#xA7; 23.1-700 et seq.) of Title 23.1, in the amount of the entire
individual income tax refund or a portion thereof.

B. 1. The Department of Taxation shall send each contribution made pursuant to
subsection A to the Commonwealth Savers Plan with the following information:
			a. The amount of the individual income tax refund or that portion of the
refund that the individual has chosen to contribute;
			b. The taxpayer&#8217;s name, Social Security number or taxpayer
identification number, address, and telephone number; and
			c. The Commonwealth Savers Plan account number or numbers into which the
contributions will be deposited.

   2. If a contribution to a Commonwealth Savers Plan account is designated in an
   individual income tax return filed jointly by married individuals, the
   Department of Taxation shall send the information described in subdivision 1
   for both spouses to the Commonwealth Savers Plan.

C. 1. If the taxpayer owns a single Commonwealth Savers Plan account, the
Commonwealth Savers Plan shall deposit the contribution made pursuant to
subsection A into that account.

   2. If the taxpayer owns more than one Commonwealth Savers Plan account, the
   Commonwealth Savers Plan shall allocate the contribution made pursuant to
   subsection A between or among the accounts in equal amounts, or as otherwise
   designated by the taxpayer.

   3. If the taxpayer does not own an existing Commonwealth Savers Plan account
   and does not wish to open an account, contributions made pursuant to
   subsection A shall be returned to the taxpayer by the Commonwealth Savers
   Plan.

D. For the purpose of determining interest on an overpayment or refund under
&#xA7; 58.1-1833, no interest shall accrue after the Department of Taxation
sends the contribution to the Commonwealth Savers Plan.

E. Any taxpayer designating that a refund be contributed to a Commonwealth
Savers Plan account shall, by making such designation, be deemed to authorize
the Department of Taxation to provide all necessary information, including the
information specified in subdivision B 1, to the Commonwealth Savers Plan.

HISTORY: 2013, cc. 28, 402; 2020, c. 900; 2024, c. 217.