Virginia Gov. Glenn Youngkin (R) announced that he will have a special session for the state budget “as soon as we need one,” urging the state legislators to work together to send him a spending deal as soon as possible.
Gov. Glenn Youngkin Proposes His Special Session For State Budget In Virginia For More Tax Cuts, Key Investments (PHOTO: WRIC)
Gov. Glenn Youngkin Proses His Special Session For Virginia’s State Budget
Thursday at the groundbreaking ceremony for a new LEGO facility in Chesterfield, Gov. Glenn Youngkin announced his potential special session on the budget for the state of Virginia telling reporters he’s encouraged by Virginia’s financial forecast and optimistic a budget will get done this year.
According to ABC8 new tat Gov. Glenn Youngkin stated that “It’s time for us to come together and unlock tax cuts and critical investment for Virginians.” Moreover, the 2022-2024 state budget was approved by the General Assembly but one that legislators defined as a stopgap needed to fund vital services while House and Senate negotiators iron out key spending proposals.
Last Jun the Lawmakers are assembled for a special session to complete the two-year state budget, which contained $4 billion in tax cuts. This year, lawmakers will have a special session that would campaign for state primaries in June and General Assembly elections in November.
House Republicans And Senate Democrats Are Divided Due To Gov. Glenn Youngkin’s Modifications
Gov. Glenn Youngkin’s modifications to the 2022-2024 state budget mainly on the governor’s proposal for an extra $1 billion in tax cuts that would give breaks to corporations and top earners.
The Republican-controlled House backed Youngkin’s budget plan, including proposals to lower the top income tax rate from 5.75 percent to 5.5 percent estimated to slice revenues by roughly $333 million in the 2024 fiscal year and increase the standard deduction for individual tax filers and joint filers and cut the corporate income tax rate from 6 percent to 5 percent.
A cut from the corporate income tax rate by at least 1% is estimated to lower revenues by $362 million over the next two fiscal years. Senate Finance Co-Chair George Barker (D-Fairfax), said that a proposal that one of the Senate’s budget negotiators told 8News Democrats don’t support the proposal.
The $1 billion budget will be pushed by Senate Democrats to utilize it for other assistance and state programs, specifically to expand the state’s investments in public education and mental health services. The chamber reached about $600 million just to support the budget proposal and more in the K-12 education budget than Gov. Glenn Youngkin’s plan.
