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#Chesapeake school bus shortage software

To remedy that, he is asking the state to close what he called the “Big Tech tax loophole” on digital goods such as software packages, digital downloads, streaming services, and more, “on which today, Virginia collects nothing.”ĭemocrats have already pushed back against the tax changes. “Virginia taxes a narrow set of goods while our peer states tax a broader set of goods and services,” said Youngkin. To partly offset that loss in state revenues, the governor proposes increasing the state’s sales and use tax from 4.3% to 5.2%, as well as expanding the base of goods and services that tax applies to. “The data is clear: Since 2021, 26 states have cut individual income tax rates.” “This cut reduces the personal income tax burden on Virginians by $1.1 billion in fiscal year 2025 and $2.3 billion in fiscal year 2026 and is a major, major step towards competing,” Youngkin said. He is calling for a 12% cut in income taxes across the board that would see the tax rate drop from 2% to 1.75% for the lowest bracket and from 5.75% to 5.1% for the highest. Reducing the cost of living for Virginians, he argued Wednesday, requires reducing tax burdens and modernizing the state’s sales tax code. Youngkin has heavily emphasized tax reduction over the course of his administration, and the issue is the centerpiece of his budget proposal. Here’s some of what Youngkin is proposing at the starting line. “This is the starting point to construct a budget that not only reflects our dedication but also secures prosperity and fairness for every resident in the commonwealth.” Luke Torian, D-Prince William, the incoming chair of the House Appropriations Committee. “While we appreciate Governor Youngkin for sharing his budgetary vision today, it is imperative that we have a thorough examination of his proposal,” said Del.

The House and Senate will then need to reconcile their two versions of the plan - a process that historically has occurred behind closed doors through the legislature’s opaque conference committee system - and send it to the governor for review. 10, both chambers will have a chance to modify Youngkin’s budget, removing parts they don’t like and accepting or strengthening those they do. When the General Assembly convenes on Jan. Wednesday’s proposal by the governor marks only the beginning of the state’s budget season. Amendments to the spending plan, ordinarily passed at the time the General Assembly adjourns in late February or early March, took until September this year to come to fruition as the parties bickered. With power divided between Democrats and Republicans in Richmond and historic state surpluses fueled by pandemic-era relief spending, the past few years have seen unusual levels of contention over the state budget. The last two-year budget, which was passed in 2022, was based on a plan from outgoing Democratic Gov.

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That outcome dampened Youngkin’s prospects for a presidential run and will force him to work across the aisle to achieve his key priorities.īecause Virginia operates on a two-year budget that is amended annually, the “Unleashing Opportunity” budget presented by Youngkin Wednesday represents the governor’s first crack at crafting a state spending plan from whole cloth. (Nathaniel Cline/Virginia Mercury)īut the governor’s speech took a less political tone than earlier addresses to the state’s legislative budget architects, offering fewer criticisms of prior administrations and acknowledging that Virginia government remains divided after Democrats narrowly won control of both chambers of the legislature this November.

20 at the General Assembly Building in Richmond. Glenn Youngkin is being greeted before presenting his proposed budget recommendations for the 2024-26 biennial on Dec.