RICHMOND, Va. (WAVY) — Virginia Gov. Glenn Youngkin said a revised revenue forecast for the state estimates Virginia will collect an additional $1.25 billion for the current fiscal year.
That’s on top of the additional $3.3 bill that was added to the original revenue forecast last December.
Youngkin released a statement on Friday about the latest forecast:
“This is a staggering number, the largest mid-session reforecast in anyone’s memory. The stunning amount of money being collected from taxpayers is the direct result of over taxation. Put simply, without significant tax relief, the Commonwealth’s general fund collections will grow by over 40% percent between 2018 and 2024. In the next few weeks, as we put together a bipartisan budget agreement before the March 12th deadline to adjourn, it is clear that we must return money to taxpayers to relieve the pressures of inflation and economic uncertainty felt by families and businesses. Of the roughly $13.4 billion in unanticipated revenue the state will collect in this budget cycle, I am asking the General Assembly to return $4.5 billion to taxpayers. That leaves nearly $9 billion in new revenue to invest in schools and teachers, law enforcement, behavioral health, and the other important priorities of the General Assembly. I am confident that we can provide tax relief for Virginia families and invest in our shared priorities.”
Youngkin made the announcement about the revenue in a letter to Sen. Janet D. Howell, who is chair of the Senate Finance and Appropriations Committee, and Del. Barry Knight, chair of the House Appropriations Committee.
