Would provide up to $517 in state income tax relief and allow local car tax refunds
RICHMOND - Virginia's outgoing Governor Ralph Northam is spending his final days in office announcing new spending proposals he did not pursue during his party's two-year monopoly on state government and record tax payments. At the same time, tax relief legislation aligned with Governor-elect Glenn Youngkin's campaign pledges to lower the cost of living for working Virginians is being filed in the General Assembly.
Senator David Suetterlein (R-Roanoke County) has filed bills that would double Virginia's standard deduction and allow localities to provide refunds on personal property taxes paid on cars and trucks.
Raising the Standard Deduction - Giving up to $517 back to Working Families
Sen. Suetterlein's Senate Bill 11 would double Virginia's standard deduction to $9,000 for single tax filers and $18,000 for married taxpayers filing joining. This would provide tax relief of up to $258 for individual filers and $517 for couples that file using the standard deduction - something that 85% of Virginia taxpayers do.
Virginia's recent record personal income tax collections have played a significant role in generating the $13.6 billion more over three years than the $23.6 billion general fund budget in the last fiscal year.
"These chronic, multi-billion surpluses in Richmond are systemic over-taxation. Virginia has taxed all taxable personal earnings over $17,000 at the highest rate since the 1980s while also not raising the standard deduction enough. This coupled with inflation results in a series of regular, unlegislated tax increases on Virginians that needs to be reversed," said Sen. Suetterlein.
Providing Car Tax Relief
Sen. Suetterlein's SB12 would authorize local governments to return surplus personal property tax revenue to taxpayers.
The tightening supply of motor vehicles available for purchase in the last year has shot up market prices and the resulting local tax assessments. Many Virginians will soon find themselves paying higher personal property taxes on their vehicles than they did when they were newer.
"It is unclear how long this unusual car market will continue, but in the mean time its important that counties have the ability to provide targeted relief," said Sen. Suetterlein.
Additional 2022 Legislation
In advance of the 2022 General Assembly, Senator Suetterlein has also filed SB3 requiring absentee votes to be counted by precinct instead of murky, central absentee pools; SB4 limiting the duration of emergency executive actions; and SB5 that would make Parole Board votes public.
All 19 bills already filed by legislators for the 2022 General Assembly may be viewed on Virginia's Legislative Information System website. The website is continuously updated as more bills are filed.
Senator Suetterlein also plans to introduce additional bills including those related to K-12 education, healthcare, energy, and campaign finance between now and the start of the 2022 General Assembly on January 12.
"It is going to be a new day with new opportunities in the Commonwealth when Governor Youngkin is inaugurated. We need to aggressively pursue the bipartisan opportunities to improve the lives of Virginians," said Sen. Suetterlein.
Virginia Senator David Suetterlein was elected in November 2019 to a second term representing Salem and Bedford, Carroll, Floyd, Franklin, Montgomery, Roanoke and Wythe counties in the Virginia Senate.
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