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Eastern Shore Times

Thursday, November 7, 2024

Virginia lawmakers greenlight $1 billion in tax relief with new budget

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Virginia Gov. Glenn Youngkin | Youngkin Campaign Facebook

Virginia Gov. Glenn Youngkin | Youngkin Campaign Facebook

Virginia's General Assembly has passed the 2023 budget bill, with Gov. Glenn Youngkin acknowledging the approval of more than $1 billion in tax relief alongside investments in education, law enforcement and behavioral health care transformation. Youngkin applauded the lawmakers for addressing important shared priorities, according to a Sept. 6 VPM report.

“While the process took longer than needed, more than $1 billion in tax relief is on the way to Virginia veterans, working families and businesses,” Youngkin said to VPM.

Virginia lawmakers approved a bipartisan budget that includes an additional $645 million for state public schools and a 2% pay raise for teachers, in addition to last year's 5% increase, along with approximately $1 billion in tax reductions, including one-time payments of $200 for individuals and $400 for joint filers, VPM reported. 

The budget also allocates funds for Chesapeake Bay cleanup, pay raises for state employees and school support positions, infrastructure improvements, mental health services, school security grants and more. The budget, resulting from extensive negotiations between Democratic and GOP legislators, now awaits Youngkin's decision to either accept it or propose amendments within the next week, according to VPM.

Democrats advocated for the majority of the funds to be allocated toward state services, with a particular emphasis on education. There is a widespread consensus among school districts and the majority of lawmakers that increased funding for education is urgently required, VPM said. 

A state report from July revealed Virginia's K-12 schools receive less funding per student compared to the national average, regional standards and three out of the state's five neighboring states. As a response, the budget creates a workgroup tasked with devising a comprehensive, long-term plan to address this issue, VPM reported.

Del. Barry Knight, R-81st, one of the key architects of the agreement, attributed the delay to the busy primary campaign season, VPM noted. Knight also mentioned he had kept the governor informed about the budget's contents, indicating Youngkin had not raised any objections or concerns at this point.

"I think everyone recognizes now that we've reached a very good compromise," Knight said to VPM, expressing confidence.

The budget agreement encompasses several key provisions, including an increase in the standard deduction to $8,500 for individuals and $17,000 for joint filers, a 2% pay raise for state employees and a cumulative 7% raise for public school teachers by 2024. It also allocates nearly $650 million for Chesapeake Bay cleanup and water quality initiatives, though it does not include the initially proposed $100 million for stormwater assistance to improve Richmond's aging combined sewer system, VPM reported. 

Additionally, there are appropriations of roughly $200 million for business-site acquisition and development, $152 million for school support positions like custodians, $150 million for the widening of Interstate 64, $156 million for mental health services, $20 million in school security grants, $1.1 million for enforcing rules against intoxicating hemp products and $250,000 for the establishment of an ombudsman's office overseeing state prisons, VPM said.

"I appreciate the hard work of the General Assembly and our budget conferees to send a budget to my desk, and while the process took longer than needed, more than $1 billion in tax relief is on the way to Virginia veterans, working families and businesses; additionally, this collaborative effort ensured the funding of our shared priorities: investing in students and teachers, supporting our law enforcement community and transforming the way behavioral health care is delivered in the Commonwealth, and there’s more work to be done, but I applaud the General Assembly for their work today," Youngkin said in a statement following the General Assembly's passage of HB6001 during a special session.

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