Earlier today, Governor Glenn Youngkin announced that Virginia’s tax collections are running nearly $2 billion ahead of expectations, and that his administration will set aside $400 million in the 2023 proposed budget to provide additional tax relief to Virginians.

Virginia is well positioned to provide additional tax relief, over and above the $4 billion approved in the 2022-2024 biennial budget, without impacting critical government functions or the Commonwealth’s AAA bond rating.

House Republicans issued the following statements following the Governor’s remarks:

Speaker Todd Gilbert, R-Shenandoah

“Today’s announcement from the Youngkin administration is good news for every Virginian. Not only are we ahead of where we need to be to invest in critical functions of government like education and transportation, but also in a position to provide more needed relief to taxpayers when they need it most.

“I look forward to working with Governor Youngkin and my General Assembly colleagues in the coming 2023 session to put more money back into the pockets of struggling families and small businesses.”

House Appropriations Committee Chairman Barry Knight, R-Virginia Beach

“Once again, prudent planning and conservative budgeting has put our Commonwealth’s fiscal house in great shape. Our revenue picture has exceeded expectations at the same time we provided more than $4 billion in tax relief to Virginians. Common-sense, fiscal responsibility makes all the difference.”

House Appropriations Committee Vice Chair Terry Austin, R-Botetourt

“All across Virginia, families and small businesses continue to struggle with near record inflation. Governor Youngkin’s revenue announcement today makes it clear that we have not only an opportunity, but an obligation, to provide even more relief to taxpayers when we return to Richmond in 2023.”