4807 West Seminary Avenue PO Box 15067, Richmond, VA 23227

VA General Assembly Passes Budget

Per VSCPA News:
"Finally, after weeks of delays, the Virginia General Assembly passed a budget. Key details include:

  • Standard deduction increases from $4,500 to  $8,000 for individuals and from $9,000 to $16,000 for joint              filers. (Note: The increases are tied to continued revenue growth  and will expire before the 2026 tax year, similar to the federal  increase to the standard deduction set to expire at the end of 2025.)
  • Elimination of the 1.5% state tax on groceries  and personal hygiene products. 
  • A phased-in tax exemption for military veterans.
  • Refundability of 15% of the Earned Income Tax  Credit.
  • Boosts in pay for teachers, state employees,  law enforcement officers, corrections staff, and mental health   workers.
The budget will now go to Gov. Glenn Youngkin for review and any amendments he would like to propose. The General Assembly will have an opportunity to  vote on any proposed amendments before the budget becomes final."

Just remember: "It ain't over 'til it's over" - so don't plan on these changes until they're final.