RICHMOND, Va. (WRIC) — A deal reached by Virginia lawmakers to amend the state’s biannual budget could benefit your wallet. 

Virginians will receive both one-time and permanent tax relief as part of the package. 

The one-time relief will be in the form of tax rebates; providing $200 to single-filers and $400 to joint-filers. 

The long-term tax relief comes with lawmakers agreeing to increase the standard deduction. For single-filers, that deduction will increase to $8,500 from $8,000, while joint-filers will see their deduction increase to $17,000 from $16,000.

“You get an immediate rebate for individual taxpayers, they’re gonna love that,” said Vaughan Long, a federally-licensed enrolled tax agent with Tax Solutions Alliance in Richmond. “Then they are also increasing the standard deduction which will save them on their taxes when they file their tax return as well.”

Long said an increase in the standard deduction means Virginians will be able to subtract more of their income from what is taxable, bringing down the amount they’ll pay. However, Long added that the exact amount you’ll save depends on your situation. 

“The fact that it’s just going to reduce your taxes period is accurate and a huge win,” Long said.

In addition, lawmakers agreed to bring back a popular sales tax holiday that expired earlier this year. Previously, Virginians have been able to purchase school supplies, clothing and other eligible items without having to pay the state sales tax during one weekend in August. Long said bringing the sales tax holiday back was a no brainer. 

“Certainly, for the underserved communities, but anyone can benefit from that,” Long said. “So, the ability to get those things this time of year and save some money on your sales tax, everybody loves that.”

It’s unclear when exactly rebate checks would be sent to filers, because lawmakers said they are still putting the finishing touches on a deal, which would then have to work its way through the legislative process.