At long last, a budget agreement has been reached in Virginia. On Wednesday, September 6, the House and Senate convened in Richmond to consider compromise language developed within the past few months. Pursuant to the definition of "compromise," there was much to like--and a bit to dislike--within the budget. Ultimately, the budget reflects my colleagues' and my commitment to serving the interests of all Virginians.
One of the notable achievements of this budget is the significant tax relief offered to Virginians. Joint filers will receive $400 checks and individual filers will benefit from a $200 check. This equates to nearly $1 billion in tax relief in addition to the $4 billion passed last year. The budget also provides $48.1 million in tax relief by increasing the standard deduction in tax year 2024 from $8,000 to $8,500 for single filers and $16,000 to $17,000 for married filers. In support of our local businesses, the business interest deduction was increased from 30 percent to 50 percent. Lastly, we revived the annual sales tax holiday, now scheduled for the third weekend in October. During these challenging economic times, I am pleased to support a budget that eases the financial burden on taxpaying Virginians.
I am also pleased to announce that veterans will be able to exempt $40,000 of their annual military retirement pay from taxation, regardless of age. As one of the states with the highest number of active duty service members and over 780,000 veterans, Virginia will now be competitive in retaining retired service members who may have otherwise moved to a state with a more favorable tax climate.
Public schools will receive $418 million in new funding for learning loss recovery and to implement science-based reading programs that have been proven to enhance reading skills. Teachers will receive a 2% raise (this is in addition to the 5% raise passed last year).
Mental health services remain a top priority, with an additional $155 million allocated to ensure those in need receive timely assistance in emergencies, thereby preventing potential harm to themselves or others.
Our commitment to public safety is reflected in higher pay and increased funding for police and other essential public safety services, including $15 million for Operation Ceasefire.
While this budget is not perfect, the bill strikes a balance by cutting taxes and funding core functions of government. In an era of divided government, the finalized budget represents a significant step forward in serving the best interests of all Virginians.
In my last two campaigns, I pledged to increase accountability and transparency and oppose burdensome taxes and regulations. Over the past three and a half years, I have maintained my promise to you and consistently work to provide top-tier constituent service.
Please consider supporting my re-election effort. The costs of yard signs, mailers, and palm cards add up, and this is a race in which out-of-state donors are striving to dictate the outcome. Can I count on your support?
I am honored to serve in the House of Delegates, and I look forward to continuing to be responsive to the needs of all constituents. As always, please continue making me aware of your priorities and concerns within the district.
Sincerely,
