Richmond, Va. (Newsradiowrva.com) - Several months after it was actually due, state budget negotiators have finally agreed on budget amendments. Senate Democrats and House Republicans did not actually have to agree to deal as we are in the middle of a two-year spending plan.
The deal includes a one-time tax rebate of $200 for individuals and $400 for joint-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. There was no sales tax holiday this past August because it sunset and no one moved to extend it.
The General Assembly will need to return, likely in September, in special session to approval the agreement. The original hang-up was over Republicans push for tax cuts while Democrats argued for additional funding for education and other needs. The entire General Assembly is up for election in November.
