The House and Senate Joint Money Committees met on Friday, Aug. 19. Gov. Glenn Youngkin began the meeting with announcements regarding Virginia’s tax collections. Currently at nearly $2 billion above projections, Youngkin stated that his administration intends to seek $400 million in a new taxpayer relief fund for Virginia residents in the 2023 proposed budget. The primary goal being to assist families and small businesses across the Commonwealth that are still struggling with record high inflation.

The excess in tax revenues comes primarily from non-withholding taxes, such as taxes on capital gains, interest, dividends, IRA distributions, partnerships, S-corps, and self-employed individuals.

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