The Virginia House and Senate money committees presented their versions of the proposed budget. Notably absent from either were Gov. Glenn Youngkin’s signature tax proposals, which would have provided a credit for people paying the car tax and eliminated the…
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TheVirginiaHouseandSenatemoneycommitteespresentedtheirversionsoftheproposedbudget.NotablyabsentfromeitherwereGov.GlennYoungkin’ssignaturetaxproposals,whichwouldhaveprovidedacreditforpeoplepayingthecartaxandeliminatedthestatetaxontips.
Instead,bothchambersoftheDemocrat-controlledlegislatureareproposingtoreallocatethe$1.1billioncartaxcredittowardatrioofotherpolicies:aone-timeincometaxrebate,anincreaseinthestandarddeductionandanincreaseoftheearnedincometaxcredit.
“Isaidwehadsignificant,one-timemoney,”saidSen.LouiseLucas,chairoftheSenateFinanceandAppropriationsCommittee,referringtoVirginia’sbudgetsurplus.“Ipromisedthatwewouldprovidereliefinafiscallyresponsibleway,andIhavestayedtruetomyword.”
Ifthebudgetamendmentpasses,thetaxrebatewouldbedistributedinO
