In a ceremony marked both by praise for bipartisan cooperation in the General Assembly and celebration of his administration’s efforts, Gov. Glenn Youngkin on Thursday signed a much-delayed state budget.
The deal includes more than $900 million in tax cuts, almost all of it through one-time payments of $200 to individual taxpayers and $400 to couples filing jointly.
It does not include cuts in the corporate and individual tax rates that Gov. Glenn Youngkin had proposed, but it would raise the standard deduction for taxpayers who don't itemize their deductions by half of what the governor had sought and would eliminate the age limit on a new exemption for military retirement income.
House Minority Leader Todd Gilbert, R-Shenandoah, says Democrats have "impugned" the governor and should not take offense when he criticizes their agenda.
$1 billion in tax cuts: 4 things to know about the state budget deal
General Assembly budget leaders have reached an agreement that ends a six-month standoff on revisions to Virginia's two-year budget.
The deal includes more than $900 million in tax cuts, almost all of it through one-time payments of $200 to individual taxpayers and $400 to couples filing jointly.
It does not include cuts in the corporate and individual tax rates that Gov. Glenn Youngkin had proposed, but it would raise the standard deduction for taxpayers who don't itemize their deductions by half of what the governor had sought and would eliminate the age limit on a new exemption for military retirement income.
House Minority Leader Todd Gilbert, R-Shenandoah, says Democrats have "impugned" the governor and should not take offense when he criticizes their agenda.
