NEW YORK — The Virginia legislature has approved a bill that would distribute $1.3 billion in unclaimed tax-free property to Virginians.
House Bill 599 would provide up to $1,500 for the Virginians who can show a $50,000 unclaimed-property tax bill.
The unclaimed taxes were not included in the state’s budget, but the governor’s office said in a statement that it would be distributed through an asset-for-tax purpose.
Ralph Northam said he signed the bill into law after lawmakers passed it, and he has ordered the Virginia Department of Revenue to make sure that the property taxes are being distributed appropriately.
Northam said the bill would allow the state to “focus on the things that make our Commonwealth a great place to live and work.”