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Northam proposes tax cut plan, including one-time rebates, ending state's portion of sales tax on...
Breaking News
Northam proposes tax cut plan, including one-time rebates, ending state's portion of sales tax on groceries
BY MEL LEONOR Richmond Times-Dispatch
Gov. Ralph Northam is proposing to eliminate the state’s portion of the sales tax on groceries — a marquee pledge of Gov.-elect Glenn Youngkin’s campaign — in a tax cut plan Northam built into his outgoing budget.
Gov. Ralph Northam is proposing to eliminate the state’s portion of the sales tax on groceries — a marquee pledge of Gov.-elect Glenn Youngkin’s campaign — in a tax cut plan Northam built into his outgoing budget.
Northam is asking the legislature to slash the state’s 1.5% tax on groceries. The proposal covers just the state's share of the 2.5% tax. It does not affect the 1% local portion.
He’s also proposing a one-time tax rebate of $250 for individual filers and $500 for married couples, and ending the accelerated tax payment requirement on retail businesses.
Northam also is proposing to make up to 15 percent of the federal earned income tax credit refundable for eligible families.
The governor made his announcement at the Market at 25th, a Richmond grocery store.
Youngkin, a Republican who takes office on Jan. 15, has urged Northam to include tax cuts in the Democrat's outgoing budget, which Northam will present to the legislature's money committees on Thursday.
Youngkin's proposals on the campaign trail included doubling the state’s standard deduction, issuing tax rebates, eliminating the state’s grocery tax, delaying an increase of the gas tax and cutting taxes on veterans’ pensions.
This is a developing story.
—-
mleonor@timesdispatch.com
(804) 649-6254
Twitter: @MelLeonor_
Northam proposes tax cut plan, including one-time rebates, ending state's portion of sales tax on groceries
BY MEL LEONOR Richmond Times-Dispatch
Gov. Ralph Northam is proposing to eliminate the state’s portion of the sales tax on groceries — a marquee pledge of Gov.-elect Glenn Youngkin’s campaign — in a tax cut plan Northam built into his outgoing budget.
Gov. Ralph Northam is proposing to eliminate the state’s portion of the sales tax on groceries — a marquee pledge of Gov.-elect Glenn Youngkin’s campaign — in a tax cut plan Northam built into his outgoing budget.
Northam is asking the legislature to slash the state’s 1.5% tax on groceries. The proposal covers just the state's share of the 2.5% tax. It does not affect the 1% local portion.
He’s also proposing a one-time tax rebate of $250 for individual filers and $500 for married couples, and ending the accelerated tax payment requirement on retail businesses.
Northam also is proposing to make up to 15 percent of the federal earned income tax credit refundable for eligible families.
The governor made his announcement at the Market at 25th, a Richmond grocery store.
Youngkin, a Republican who takes office on Jan. 15, has urged Northam to include tax cuts in the Democrat's outgoing budget, which Northam will present to the legislature's money committees on Thursday.
Youngkin's proposals on the campaign trail included doubling the state’s standard deduction, issuing tax rebates, eliminating the state’s grocery tax, delaying an increase of the gas tax and cutting taxes on veterans’ pensions.
This is a developing story.
—-
mleonor@timesdispatch.com
(804) 649-6254
Twitter: @MelLeonor_