Legislation leaders from both parties came into an agreement that will slowly reduce the tax burden on Viruses due to the federal tax legislation and employment posts 2017.
Large Household measures and Seanad Finance committees were supported and the controller's support is also supported.
"Under the leadership of the Republican, the House and Seanad have agreed to the most significant tax relief package in the Commonwealth in at least 15 years," said News Secretary of State Kirk Cox, R-Colonial Heights. "Since last August, our chambers have been agreed in our efforts to ensure that additional income from federal tax changes is back when it comes to taxpayers. I am proud of the position of the Greater Seedor Trailer and my colleagues all of us are the progress of this agreement. "
The bill will provide one-off repayment of $ 420 million in October to Virginian taxpayers to return additional money generated to the state due to the Tax and Post Fees.
The federal tax reform measure took the standard deduction, but as the state law requires the state and federal state tax status (and that the state had a lower standard deduction), many taxpayers were forced to pay less and pay more in taxes.
The legislation will also increase the standard deduction of the state at 50 per cent. This will increase the standard deduction of individuals to $ 4,500 and couples to $ 9,000. The Tax and Postal Fees Act increased its standard deduction in 2017 to $ 12,000 for individuals and between $ 13,000 and $ 24,000 for couples.
"For six months, we must be very clear that the income has not risen from our federal tax cuts," said "Chairman of the House Appropriations Committee, S. Chris Jones, R-Suffolk." This plan will return the tax money to the people who work hard to pay it. Even after providing the earned tax relief, the resources we need to keep our investments and protect our bond rating. This is the job that is well done by everyone involved. "
The agreement will have a direct impact on more than four million taxpayers from Virginia.
"Those who do less than $ 50,000 will receive 40 [percent] of all rebate checks "and" more than 70 will get those who do $ 100,000 or less [percent] of all rebate checks, "according to the press release. Over the next two years, married couples will get $ 392 in tax relief.
"I am delighted to be part of this bicameral effort to provide meaningful tax relief to the people of Virginia," said R Lee Powell, Chairman of the Finance Finance Committee, Statement in statement. "The offer to the General Assembly this year was simple. Do we spend or return taxpayer money? Today's current legislation provides an unnamed reply: we are bringing back."
The Democrats are stated stating that they support the bill as it would provide additional tax relief for lower income individuals who did not benefit from the federal tax plan.
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