RICHMOND, VA - On Tuesday the Virginia General Assembly gave final approval to legislation providing nearly $1 billion in tax relief by increasing the standard deduction, providing rebate checks to Virginia taxpayers, and largely conforming the Virginia tax code to the federal tax code.
“Providing direct tax relief to working Virginians and reversing the unlegislated tax increase initially proposed by the Governor’s budget is critical,” said Virginia Senator David Suetterlein (R-Roanoke County).
Senate Bill 1372 as it passed the legislature would provide refunds of up to $110 for individual taxpayers and $220 for married people filing jointly later this year. The legislation increases the standard deduction by fifty percent to $4,500 for individual filers and to $9,000 for married people filing jointly beginning in tax year 2019, the first increases for individual filers since 1989.
“As an architect of the tax plan, Senator Suetterlein was emphatic in the working group that this money be returned to taxpayers and helped set the proposal on its successful path,” said Virginia Senate President Pro Tempore Steve Newman (R-Lynchburg).
SB1372 passed the Senate today on a broad bipartisan 38-2 vote after initially passing the Senate on a 21-19 party-line vote. The SB1372 tax reforms have also been incorporated into both the House and Senate budget proposals that have passed their respective chambers by wide bipartisan margins. SB1372 now heads to Governor Ralph Northam’s desk.
“The standard deduction increase is long overdue and Virginians deserve to have these meaningful rebates paid this year. I hope the Governor will immediately sign this tax relief into law,” said Suetterlein.