Virginia has a two-year budget, and so this year lawmakers were expected to approve legislation they like to call a caboose bill — the final car of a train that’s now two months late. The compromise announced Friday includes one-time tax rebates of $200 for individuals and $400 for joint filers.
It also raises Virginia’s standard deduction and reinstates the sales tax holiday.
Delegate Mark Sickles is a Democrat from Franconia.
“A couple of days ago, the governor said that he would sign a bill that didn’t have any permanent tax cuts in it,” Sickles says. “And the compromise bill is going to him with at least a $100 million dollars worth.”
Lawmakers also agreed to more investments in education – including additional financial aid for college students.
Delegate Rip Sullivan of McLean says the proposed deal protects important priorities.
“This budget makes very clear that while we want to get money back to Virginians with some of the surplus, we’re going to have money to spend on mental health and education,” Sullivan says. “And then we will be responsible about not hobbling ourselves with unnecessary tax relief for corporations and wealthy Virginians.”
Read the full article: https://www.wvtf.org/news/2023-08-25/state-lawmakers-reach-agreement-on-amendments-to-virginias-current-budget
