Legislative leaders cut bipartisan deal with Northam to return $976 million to taxpayers

[Yonnie3]

From the Richmond Times Dispatch

Legislative leaders cut bipartisan deal with Northam to return $976 million to taxpayers

BY MICHAEL MARTZ Richmond Times-Dispatch 4 hrs ago


Virginia legislative leaders have reached an agreement, endorsed by Gov. Ralph Northam, that would return $976 million to taxpayers during this biennium and could allow the state to begin processing more than a half-million tax returns that already have been filed for this season.

The agreement adopts the plan approved by the Senate last week to give $420 million in refunds next fall to compensate taxpayers for higher state taxes they will pay on 2018 income as an unintended consequence of the Tax Cuts and Jobs Act signed more than a year ago by President Donald Trump.

Individual taxpayers would receive $110 and married couples $220 in October, the month before elections for all 140 seats in the General Assembly's two narrowly divided chambers.

The plan also would raise the standard deduction by 50 percent - to $4,500 for individuals and $9,000 for couples - the first increase since 2005. It would protect Virginia taxpayers from some provisions of the new federal tax law by not capping the deduction of local property taxes on itemized returns, shielding income from corporate overseas investments and allowing businesses to deduct a portion of the interest that they can't claim on their federal returns.

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https://www.richmond.com/news/virginia/government-politics/general-assembly/legislative-leaders-cut-bipartisan-deal-with-northam-to-return-million/article_1aa8273c-bae4-53cb-94bd-0b6a3cb1e5f9.html

[nitpicker]

1. Link to WTVR

https://wtvr.com/2019/02/08/legislators-agree-to-bipartisan-deal-that-would-give-1-billion-to-virginia-taxpayers/