A House of Delegates Finance subcommittee advanced a bill to provide a $300 income tax refund for individuals and $600 for married persons for the 2021 tax year, a key promise from Governor Glenn Youngkin’s Day One Game Plan.
“Virginia has seen a steady increase in its tax revenues, and it’s far exceeding the forecasted growth, largely due to an increase in non-withholding taxes and a standard deduction below the federal level. Virginians have overpaid on their taxes as evidenced by the state’s surplus, and should have some of their money repaid. The aid given to Virginia from the federal government to facilitate the Commonwealth’s response to the COVID-19 pandemic resulted in Virginia ending its 2021 fiscal year with a surplus of over $2.6 billion,” HB 935 sponsor Delegate Roxann Robinson (R-Chesterfield) said in the Monday subcommittee meeting.
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