Tag: House of Delegates Finance Committee

Virginia House Finance Committee Sends Gas Tax Holiday Bill to Appropriations Committee

Eric Burk

House Finance Committee Republicans advanced Governor Glenn Youngkin’s gas tax holiday bill and killed Democrats’ alternate $50-per-car tax refund proposal on Tuesday. The bill includes a 100-percent motor fuels tax reduction from May 1 through July 31, a 50 percent reduction in August, and a 25 percent reduction in September. It also includes a two percent cap on future annual rate adjustments.

“As I testified to the House and the Senate early in the year, we have an exceptional amount of revenue that we did not expect a couple of years ago in the transportation plan. Over the six years it’s in the billions of dollars. And obviously, the governor has made a pledge to try to get some of the revenue back to the citizens who’ve contributed to the Commonwealth, particularly in this time of high inflation and economic trouble,” Secretary of Transportation Sheppard “Shep” Miller III told the committee.

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Youngkin $300 Tax Refund Bill Advances in House Finance Subcommittee

Eric Burk

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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