Virginia’s General Assembly reaches budget deal after extended negotiations

Published: Aug. 25, 2023 at 12:04 PM EDT
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RICHMOND, Va. (WDBJ) - Virginia’s General Assembly announced it had reached a budget deal Friday morning. According to a press release, the major components have been agreed to, and conferees and staff will finalize the plan over the next several days.

The legislators say the deal provides Virginians with additional tax relief. They emphasized investments in education, natural resources and behavioral health, calling it a win-win for Virginians.

The deal includes a one-time tax rebate of $200 for individuals, $400 for join-filers, increases the standard deduction ($8,500 for single-filers and $17,000 for joint-filers), removes the age requirement for the military retiree subtraction, and reinstates the sales tax holiday.

The letter, signed by Delegate Barry D. Knight (R), Senator Janet D. Howell (D) and Senator George Barker (D), says the deal also provides more support to maintain college affordability and it increases financial aid.

“We were able to negotiate these investments while maintaining an eye on Virginia’s continued budgetary integrity. Virginia remains in a strong fiscal position based on these actions, which will continue to protect our triple-AAA bond rating,” according to legislators.

The note from legislators say they are pleased with the deal, calling it fair and balanced toward priorities of the House and Senate.

“In an era when partisanship often prevails,” the report noted. “The negotiations were cordial and respectful.”

The legislators praised the work of staff and conferees.