Youngkin signs budget that delivers tax rebates, reinstates sales tax holiday

The deal includes tax rebates and the return of the sales tax holiday.
Published: Sep. 14, 2023 at 3:31 PM EDT
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RICHMOND, Va. (WWBT) - Surrounded by lawmakers, Virginia Gov. Glenn Youngkin signed the new budget deal on Thursday.

“This budget is the result of what we can accomplish when we put politics down and choose conservative commonsense solutions and make critical investments to ensure Virginia is the best state to live, work, and raise a family,” Youngkin said.

The budget includes:

  • The reinstatement of the state-wide sales tax holiday
  • Rebates of $200 for single filers and $400 for married couples filing jointly
  • An increase of the standard deduction to $8,500 for single filers and $17,000 for married filers.
  • An increase of the business interest deduction from 30 percent to 50 percent
  • $653.3 million in aid for K-12 education and schools divisions
  • $155.6 million in new spending for mental health services
  • $150 million for widening Interstate 64 between Richmond and Williamsburg
  • $6 million for economic development activities related to the Partnership for Petersburg

“Together, we are accelerating results and building a Virginia that competes to win and gives the next generation of parents, teachers, students, farmers, law enforcement, nurses and first responders the tools needed to ensure their success and prosperity in the Commonwealth,” Youngkin said.