The Democratic-led Virginia Senate and House of Delegates committees have presented state budget plans that include onetime tax rebates to all taxpayers, in contrast to Gov. Glenn Youngkin’s proposal for permanent tax relief on cars. Both committees unanimously passed similar plans with $200 rebates for individual taxpayers and $400 for joint filers. They also proposed making Virginia’s earned income tax credit fully refundable at 20% of the federal credit.
The budget bills will now go to their respective chambers for consideration before moving to a conference committee for further discussions. Lawmakers made these budget proposals less than a week after the White House paused federal grants and loans, causing uncertainty before being blocked by a judge.
In a press conference, lawmakers emphasized the need for immediate relief for working families and individuals. House Appropriations Chair Luke Torian noted that negotiations will be required on various funding issues in the spending proposals, such as skills games.
The proposals aim to address concerns over potential cuts to Medicaid at the federal level. Lawmakers stated they will closely monitor any changes to Medicaid funding from Congress and adjust their budget plans as needed.
Overall, the Virginia Senate and House committees are prioritizing providing tax relief to residents in the upcoming budget, aiming to address the financial needs of the state’s taxpayers amid ongoing economic challenges.
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