The Virginia House and Senate money committees presented their proposed budget which did not include Gov. Glenn Youngkin’s tax proposals. Instead, a $1.1 billion car tax credit would be reallocated towards a one-time income tax rebate, an increase in the standard deduction, and an increase in the earned income tax credit to provide relief in a fiscally responsible way. Legislation to codify the car tax credit also died in a Senate committee, with Republicans calling it the most hated tax and Democrats expressing concerns about eliminating it due to funding localities. Education funding is a key focus of the budget with substantial increases in funding for K-12 schools, including additional support for special education students and lifting the support cap on staff positions. Both chambers voted to fund a one-time $1,000 bonus for teachers and support staff. Youngkin’s proposals for school vouchers and laboratory schools were eliminated in the budget proposals. The House budget includes provisions for a Prescription Drug Affordability Board, while both chambers eliminated language from Youngkin’s proposal targeting so-called sanctuary cities. The budget plans are adjustments from amendments proposed by the governor and will go to a conference committee to resolve differences before being presented to Youngkin.
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