Tag: Secretary Stephen Cummings

Youngkin’s $3.6 Billion Budget Amendment Proposal Includes $1 Billion in Tax Relief

Eric Burk

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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Youngkin Announces End of COVID-19 Fines, But Gourmeltz Owner Says Youngkin Order Doesn’t Help

Eric Burk

Governor Glenn Youngkin announced an “end of COVID-19 related fines and penalties” Tuesday while issuing an executive order to require agencies to report fines, fees, and suspensions related to the shutdowns. In an accompanying press release, he said his upcoming budget proposal would include language ordering agencies to halt further enforcement actions and direct Secretary of Finance Stephen Cummings to develop a reimbursement process.

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Adjusted for Tax Relief, Virginia Revenue Up 8.3 Percent Year-to-Date

Eric Burk

Virginia’s tax revenues four months into Fiscal Year 2023 are down 3.1 percent compared to Fiscal Year 2022, although when adjusted for timing and $250 tax rebates sent to Virginians, revenues are up 8.3 percent compared to the previous year, according to a presentation Secretary of Finance Stephen Cummings prepared to share with legislators.

Adjusted for $88 million paid out in October as part of the rebates, Virginia’s October revenues hit a 10.3 percent year-over-year increase, ahead of forecasts.

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Virginia September Tax Revenues Down, Reflecting Tax Rebates

Eric Burk

Virginia’s September General Fund tax revenues hit nearly $1.9 billion, less than last year’s September revenues of $2.6 billion, but the governor’s office emphasized that the decrease was expected as a result of tax policy changes. Adjusted for those changes, tax revenues were up 10.7 percent year over year.

“Adjusted for the impacts of planned policy actions, including the historic tax rebates of nearly $900 million recently delivered to Virginians, September revenue collection increased more than 10 percent compared to a year ago,” Governor Glenn Youngkin said in a Friday press release. “September is a typically strong month for revenues, and this year was consistent with that precedent. At the same time, economic data remains mixed, the job market shows stability but the persistent inflation from misguided efforts in Washington continues to be the silent thief stealing more and more from the paychecks of hardworking Virginians.”

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Secretary of Finance: Virginia’s August Tax Revenues Up 5.4 Percent, Economic Indicators Mixed

Eric Burk

August General Fund tax revenues rose about 5.4 percent compared to August 2021 when adjusted for an extra deposit day this year. That’s a good sign but Secretary of Finance Stephen Cummings told legislators September’s data will be more significant for analysts and legislators who are trying to figure out what fiscal year 2023’s finances will look like.

“August collections exceeded projections, driven by employment and wage growth year-over-year,” Cummings said in a press release from the governor’s office.

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Virginia’s May Revenues Exceed May 2021

Eric Burk

Governor Glenn Youngkin announced Tuesday that Virginia’s May revenue reports are 9.9 percent higher than May 2021. That’s good news for the governor, who is imminently expected to release amendments to the budget already passed by the General Assembly. Legislators will return Friday to vote on Youngkin’s changes.

“This report confirms that the time is now to deliver meaningful tax cuts to Virginia families who are getting crushed by five dollar gas and record-high inflation,” Youngkin said in a press release

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