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Virginia Budget Team Deal Reached, Including Tax Rebates And Renew Sales Tax Holiday For School Supplies

Virginia Budget Teams Reached To Amend The State's Biennial Budget [Photo: Your Observer]
Virginia Budget Teams Reached To Amend The State's Biennial Budget [Photo: Your Observer]

The Virginia budget team deal reached to amend the state’s biennial budget. When the budget leaders announced an agreement on Friday that a budget deal is finally done, they outlined 1 billion USD in tax relief. This deal amendment includes a one-time tax rebate of $200 to individual taxpayers and $400 to couples filing jointly.

Virginia Budget Team Deal Reached Including Popular Sales Tax Holiday For School Supplies [Photo: The Pantagraph]

Virginia Budget Team Deal Reached Including Popular Sales Tax Holiday For School Supplies [Photo: The Pantagraph]

Budget Deal Is Finally Done

SOURCE– The budget deal was already reached, but the mystery stays about what’s in it. When the state Senate and House of Delegates budget announced an agreement that ended a six-month budget standoff, they outlined 1 billion USD in tax relief. his deal amendment includes a one-time tax rebate of $200 to individual taxpayers and $400 to couples filing jointly, increasing the standard deduction, removing the age requirement for military retiree subtraction, and renewing sales tax holiday for school supplies that will expire this year after lawmakers forgot to renew it.

This deal is the one that provides Virginians with additional tax relief and unprecedented investments in education, natural resources, and behavioral health, the money boards’ chairs said in a joint statement. The additional $1 billion amendments budget does not include the corporate and individual tax relief that Youngkin has been pushing for since his proposal in December. But Democrats had rejected Youngkin’s proposal for more tax relief because they believed last year’s investment of $4 billion in relief was more than enough.

The chief budget negotiators said they prioritized investments in education ensuring students will recover from pandemic learning. This budget provides additional support for students to maintain college affordability and increase financial aid, ensuring access is not limited because of the family income. Although Youngkin’s proposal was rejected the Virginians welcome the news about an agreement on a framework that builds on the governor’s work to deliver investments in education and mental health while providing tax relief that will reduce the cost of living in the Commonwealth. US lawmakers will have 48 hours to review the proposed budget amendments before the whole General Assembly reconvenes in Richmond for a vote.

READ ALSO: Millions Of Retirees Will Get Social Security Direct Payments Worth $4,555 In 19 Days

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