RICHMOND, Va. (WAVY) — After months of negotiations that passed several deadlines, Virginia legislators have finally come to a deal on the commonwealth’s new two-year budget.

Top budget negotiators Barry Knight (R-Virginia Beach), Janet Howell (D-Fairfax, Arlington County) and George Barker (D-Fairfax, Prince William) announced the deal in a joint press release on Friday.

The budget deal includes tax rebates for citizens: a $200 one-time rebate for individual filers and a $400 rebate for joint filers. It also reinstates the commonwealth’s sales tax holiday (which legislators forget to renew during this year’s session) and increases the standard deduction for taxpayers to $8,500 for individual filers and $17,000 for joint filers.

The group called the agreement a “win-win for the citizens of Virginia,” with “unprecedented investments in education, natural resources and behavioral health.”

“Taken together, these actions provide relief to low- and middle-income Virginia citizens and Virginia businesses,” they wrote.

The next step will be for the House of Delegates and the Virginia Senate to vote to pass the budget. Then it would go to Gov. Glenn Youngkin for his signature.

This is breaking news and will be updated.