Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

Virginia Lawmakers Approve Budget With $4 Billion in Tax Cuts

June 1, 2022, 6:26 PM

Virginia lawmakers Wednesday advanced a state budget deal that would provide $4 billion in tax cuts.

State legislators spent months in closed-door negotiations over budget disputes, with tax relief being one of the most controversial issues. The package gives a partial victory to Gov. Glenn Youngkin (R) on some tax cuts, and it’s now on his desk for consideration.

The House approved the deal 88-7, the Senate 32-4. Legislators called on the governor to approve the bill as is and not veto lines.

The deal eliminates the 1.5% state tax on groceries and essential personal hygiene products, beginning in 2023. ...