Feb 3, 2025 · Virginia Democrats have pushed forward proposals to give all taxpayers in the state immediate, one-time tax rebates, rejecting Republican Governor Glenn Youngkin 's $1.1 billion plan to introduce...

Feb 2, 2025 · Virginia Democrats have slammed the brakes on Gov. Glenn Youngkin’s push for tax cuts, rejecting most of his budget proposals — including a car tax credit that would have phased out the widely unpopular levy.

• Virginia Standard Deduction: Makes the existing $8,500/$17,000 standard deduction permanent, avoiding potential tax increases of $557.2 million (FY26) and $1.2 billion (FY27). • Toll Reforms: Eliminates Coleman Bridge tolls (2027) and modifies toll regulations for specific areas.

The committees' budget proposals also include making Virginia’s earned income tax credit fully refundable at 20% of the federal credit. The budget bills next head to their respective chambers.

Dec 20, 2023 · Virginia Gov. Glenn Youngkin proposed a new state budget Wednesday that would lower income taxes and raise the state’s sales tax in an effort to stabilize revenues and allow Virginians “to keep more of their hard-earned money.”

Dec 20, 2023 · Tax Reform . Provides Virginians an additional $1 billion in tax relief over the biennium ; Cuts income tax rates for all Virginians by 12% ; Enables low-income Virginians to claim an enhanced Virginia Earned Income Tax Credit, equal to 25% of the federal EITC on top of their 12% individual tax rate cut

Sep 15, 2023 · The 2023 budget deal features tax cuts (mostly from new Virginia tax rebates to eligible residents) and the return of a popular sales tax holiday.

Dec 20, 2023 · Income Tax Rate Reduction. The proposed plan includes significant cuts to individual income tax rates in Virginia without changing the existing bracket structure, starting from the calendar year 2025.

Jan 24, 2023 · The House passed legislation Tuesday to reduce the top income tax rate from 5.75% to 5.5% — which is estimated to cut revenues by roughly $333 million in the 2024 fiscal year.

RICHMOND — The Democratic-controlled Virginia General Assembly advanced budget bills Thursday that include broad tax cuts and rebates, drawing bipartisan support but setting up possible ...