Lawmakers reach deal that would return $976M to taxpayers
RICHMOND, Va. (AP) — Legislative leaders have reached an agreement that would return $976 million to Virginia’s taxpayers.
The Richmond Times-Dispatch reports Friday that the agreement endorsed by Gov. Ralph Northam could allow the state to start processing more than a half-million tax returns already filed this season.
The plan adopts a proposal the Senate approved last week to give taxpayers $420 million in refunds next fall to compensate for higher state taxes on 2018 income. It’s an unintended consequence of the Tax Cuts and Jobs Act signed by President Donald Trump.
The Senate Finance Committee restored an emergency clause, allowing the measure to take effect once the governor signs it. Leaders promised to expedite the new bill’s passage Monday so it can go to the governor to sign within seven days.
Information from: Richmond Times-Dispatch, http://www.richmond.com