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Republican Leaders Cut Deal With Northam to Return $976 Million to Taxpayers

Virginia legislative leaders have reached an agreement, endorsed by Gov. Ralph Northam, that would return $976 million to taxpayers during this biennium and could allow the state to begin processing more than a half-million tax returns that already have been filed for this season. The agreement adopts the plan approved by the Senate last week to give $420 million in refunds next fall to compensate taxpayers for higher state taxes they will pay on 2018 income as an unintended consequence of the Tax Cuts and Jobs Act signed more than a year ago by President Donald Trump. The VSCPA supports the plan. Read more from the Richmond Times-Dispatch.