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Virginia General Assembly approves $1 Billion tax relief package

RICHMOND, Va. (WRIC) -- The Virginia House and Senate have approved a tax plan that would give an individual tax filer a $110 rebate, and double that for a couple.

The bills passed Tuesday as “emergency” legislation, so they would go into effect immediately once signed by the Governor.

The bill, HB 2529, was approved in the House by a 95-4 vote and in the Senate by a 35-5 vote. A companion bill in the Senate, SB 1372, passed the House 95-4 and passed the Senate 38-2.

If approved by Governor Ralph Northam, it will provide nearly $1 Billion in tax relief to Virginia’s taxpayers. It proposes a total of $420 million in rebates set to be give in the fall, and raises the standard deduction for the 2019 tax year. This aligns the Commonwealth with federal tax law.

A press release from House of Delegates Speaker Kirk Cox says 4 million taxpayers in Virginia will directly benefit from the plan.

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