Va Senate and House pass competing budget bills

RICHMOND, Va. (AP) — The Virginia Senate and House of Delegates on Thursday passed competing budget bills, documents that lawmakers will have to meld into a compromise in the coming weeks before a spending plan goes to Republican Gov. Glenn Youngkin.

The two bills outlining amendments to the two-year budget that runs through mid-2024 contain some similarities, including increased mental health funding and money for an extra 2% raise for public employees, in addition to the the 5% increase agreed to last year. But the Democrat-controlled Senate and GOP-controlled House are far apart on one key matter: whether to enact the additional $1 billion in tax cuts Youngkin is seeking.

The House version includes the governor’s call for changes that include a reduction to the corporate tax rate and to the top individual income tax rate, while the Senate’s does not.

“I’ll remind you that we negotiated $4 billion in tax relief when the budget was adopted just a few months ago. To go further at this time would be premature given the inflationary pressures our economy has been experiencing,” Senate Finance and Appropriations Committee co-chair Janet Howell said in a committee meeting earlier this week outlining that chamber’s bill.