As General Assembly budget negotiators neared a long-awaited budget deal, Gov. Glenn Youngkin said Wednesday that he "can live with" a potential compromise that would replace ongoing tax cuts with one-time taxpayer rebates and set the stage for cuts in the next two-year state budget.
When General Assembly budget negotiators finally sit down at the same table again in Richmond Monday or Tuesday, their first task is figuring out how much money is available to spend in the fiscal year that began on July 1.
Virginia taxpayers would be able to use higher standard deductions in preparing their income tax returns next year under a new analysis by the state tax department. But Senate Democrats question the underlying calculation and warn against trusting Gov. Glenn Youngkin s revenue estimates in an ongoing budget battle over his proposed $1 billion package of tax cuts.
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Even after returning those revenues to certain taxpayers under an existing benefit, the state will have about $500 million in addition to the $3.6 billion in excess revenues that Gov. Glenn Youngkin relied on for his proposed tax cuts and spending priorities. Senate budget negotiators are considering a new House proposal that a Senate Democrat called "a significant step forward."