With $3.2 Billion in Excess Cash, Youngkin Setting Aside $397 Million for Tax Relief Proposal in 2023

RICHMOND, Virginia — Governor Glenn Youngkin is directing $397 million in excess funds to be set aside for unspecified tax relief in 2023, as Virginia has $3.2 billion in excess cash — $2 billion in unplanned revenues plus Fiscal Year 2022 spending that was $1.2 billion less than planned.

“Today I formally report to the General Assembly that Virginia ended the fiscal year with a record general fund balance,” Youngkin said at a Friday morning joint meeting of the House of Delegates Finance and Appropriations Committees and the Senate Finance Committee.

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