Budget & Revenue

Virginia’s Historic Rehabilitation Tax Credit is costing taxpayers twice as much as initially thought, according to a recent report to the Joint Subcommittee to Evaluate Tax Preferences. 

With Governor McAuliffe’s announcement last Friday that state revenue collections came in far lower than forecast for April, it’s clear that Virginia is on a crash course to a big problem unless the next two months bring substantial improvement.

Virginia’s growing economy has provided state policymakers with some much-needed additional resources to invest in our state’s schools, families, and communities. Policymakers expect to have $3 billion more in state revenues over the next two budget years than in the last two budget years.