Senate Finance Committee Approves Budget with $1 Billion in Tax Relief
Press release from the Virginia Senate Republican Caucus….
The Senate Committee on Finance on Sunday approved Senate Bill 1100 (SB 1100), amendments to the 2018-2020 Biennial Budget, by a bipartisan vote of 16 to 0.
“The package of budget amendments we approved today 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.”
“We’ve produced a responsible and conservative budget, providing more for our teachers, public safety, and mental healthcare, while restraining the growth of government and providing tax relief to four million Virginians,” said Senator Emmett W. Hanger, Jr. (R-Augusta), Co-Chairman of the Senate Finance Committee. “The changes these amendments make to the existing spending plan will strengthen our fiscal position and ensure we retain our AAA bond rating.”
The budget amendments approved by Senate Finance Committee include:
- Provides $110 tax rebate ($220 for couples) in 2018; increases standard deduction by 50% for tax year 2019
- Increases state share to provide for teacher pay raise of 5%, with local flexibility
- Includes $4 million for additional Workforce Credential Grants (FastForward)
- Includes over $25 million in additional funding for behavioral health
- $15 million increase in funding for Virginia Telecommunication Initiative to accelerate rural broadband
- $70 million for Literary Fund school construction support
Senate Bill 1100 will be taken up for consideration by the entire Senate on Thursday.