RICHMOND, Virginia — Governor Glenn Youngkin is highlighting $1 billion in tax relief in his budget amendment proposal, including lowering Virginia’s business tax rate from six to five percent, and slightly lowering the income tax for payers above $17,000 from 5.75 percent to 5.5 percent. In Thursday’s joint meeting of the General Assembly money committees, Youngkin and members of his administration told legislators that lowering tax rates will actually increase Virginia’s tax revenue in the long run by attracting more growth.
“This first step will mean our business tax rate will be lower than Tennessee, Georgia, and Florida. But more importantly, by setting ourselves on a committed path to an even lower rate – like Democrat-led North Carolina was able to do – we will send a clear signal to businesses that we want your jobs and we are going to drive the Commonwealth’s economic engine even faster,” Youngkin said. “Starting down this path is to reject false choices presented in the past. Yes, Virginia, we can choose competitive taxes, we can choose economic growth, and we can choose critical investment priorities all at the same time.”
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