RICHMOND, Va. — The Virginia Senate Committee on Finance on Sunday unanimously approved a bill that would amend the 2018-2020 Biennial Budget.
The amendments include a long list of benefits to Virginians, like a $110 tax rebate, $220 for couples, in 2018, it increases standard deduction by 50 percent for the tax year 2019, it would also increase state share to provide for a 5 percent teacher pay raise. The amendments include $4 million for additional workforce credential grants, and it includes over $25 million for additional funding for behavioral health.
The proposed budget would cause a $15 million increase in funding for Virginia Telecommunication Initiative to accelerate rural broadband, and it would place $70 million into Literary Fund school construction support.
“The package of budget amendments we approved [Sunday] includes the largest tax relief for Virginia’s working families in decades,” noted Senate Majority Leader Thomas K. Norment, Jr. (R-James City), Chairman of the Senate Finance Committee. “The members of Senate Finance have crafted a spending plan that gives the windfall from federal tax reform and simplification back to people. Our budget plan will ensure every Virginian who pays personal income taxes will get money back this year and see their taxes go down next year.”
The bill will be taken up for consideration by the entire Senate on Thursday, February 7.
Click here to view the full amendments breakdown.
