Major step forward on Tax Relief for Virginia families and local businesses hailed
Richmond, VA – Governor Glenn Youngkin today hailed the passage of his tax relief proposals, HB 2138 and 2319, in the House of Delegates which will provide savings to Virginia families and local businesses. The legislation will now head to the Virginia Senate for consideration.
“Virginians are still overtaxed, they deserve to keep more of their hard-earned paychecks and today’s significant move by the House of Delegates means Virginians are one step closer to additional relief,” said Governor Glenn Youngkin. “The reductions in individual income tax mean 86% of taxpaying Virginians will enjoy the benefits of a lower top tax rate and an additional 14,000 Virginians will pay no state income taxes. The reduction of tax rates for business will result in lower taxes for approximately 475,000 resident small business owners and local businesses across the Commonwealth. Reinvigorating Virginia’s tax structure will help make the Commonwealth competitive with other states so that we can compete to win. We proved last year, when Republicans and Democrats passed our $4 billion tax relief package for Virginians, tax cuts don’t have to be a partisan issue.”