Virginia Republicans offer a concession on tax plan as budget stalemate drags on
said of his offer to the Democratic senators with whom he’s been working for months to try to reach a resolution on the state’s budget stalemate.
Knight’s proposal would modify an earlier GOP plan by spending more of the state’s multi-billion-dollar surplus on one-time tax rebates while dedicating a smaller amount to ongoing tax relief, according to an outline of the offer obtained by The Associated Press.‘s proposal does not include a corporate tax cut sought by Republican Gov. Glenn Youngkin, who had also advocated for the now-abandoned cut to the top individual tax rate.
Because the state operates on a two-year budget, with the plan initially adopted in even-numbered years and amended in odd-numbered years, the impasse hasn’t halted the functioning of the state government, even as the state moved into a new fiscal year July 1. There’s already a budget in place. Bipartisan talks broke down in late June, after Republicans thought they were close to a deal but Democrats put forward a new proposal of their own.
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