by Shaun Kenney
With state revenue projections north of $5 billion, Virginia Gov. Glenn Youngkin (R) renewed his call for a budget deal with Senate Democrats as negotiators with the Virginia General Assembly met for the first time since June.
โVirginians remain overtaxed. Last year we provided $4 billion of tax relief for individuals, families, and veterans. What this yearโs preliminary numbers tell us is that even after that historic tax package, the Commonwealth ended fiscal year 2023 with $5.1 billion in excess resources, far more than forecasted,โ said Gov. Youngkin.
โThere is plenty of money in the system to fund our shared priorities of education, behavioral health, and law enforcement while returning more of Virginians hard-earned dollars back to their wallets. Just as we did last year, I am calling on the General Assembly to reject the partisan, business-as-usual approach in Richmond, and agree on a deal that lowers the cost of living and cost of doing business in Virginia while investing in our shared priorities. This is not about Republicans and Democrats. Itโs not about the Senate or the House. Itโs about delivering for Virginians.โ
Already, Virginia is returning some $1 billion to small businesses, with Secretary of Finance Steve Cummings confirming Friday that the state expects to return โsomething more than a billionโ dollars to taxpayers who had taken advantage of a new tax benefit for pass-through entities, such as limited liabilities and other unincorporated businesses, that allows them to avoid a $10,000 cap on federal income tax deductions for state and local taxes.
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