RICHMAND, Virginia (WAVY) – Virginia Gov. Glenn Youngkin said the revised Virginia revenue forecast will receive an additional $ 1.25 billion this fiscal year.
This is in addition to the additional $ 3.3 bill that was added to the original earnings forecast last December.
Yangkin issued a statement on Friday about the latest forecast:
“This is a staggering figure, the biggest forecast in the middle of a session in anyone’s memory. The staggering amounts of money collected from taxpayers are a direct result of excessive taxation. Simply put, without significant tax cuts, the Commonwealth’s total fund collection will grow by more than 40% between 2018 and 2024. In the next few weeks, if we conclude a bipartisan budget agreement before the March 12 deadline for the postponement, it is clear that we need to return the money to taxpayers to ease inflationary pressures and economic uncertainty experienced by families and businesses. Of the approximately $ 13.4 billion in contingencies that the state will receive in this budget cycle, I am asking the General Assembly to return $ 4.5 billion to taxpayers. This leaves nearly $ 9 billion of new income to invest in schools and teachers, law enforcement, behavioral health and other important priorities of the General Assembly. I am confident that we can provide tax breaks for Virginia families and invest in our common priorities. ”
Youngkin did the revenue statement in the letter to Senator Janet D. Howell, chair of the Senate Finance and Appropriations Committee, and Del Barry Knight, chair of the House Appropriations Committee.