Conference Budget Increases Tax Fairness, Strengthens Public Schools, and Creates Opportunities for Workers

Today, Ashley Kenneth, President and CEO of The Commonwealth Institute for Fiscal Analysis (TCI), released the following statement on the conference budget report:

“We are thankful to lawmakers for presenting a conference budget that continues to build economic opportunity and strengthen public education. 

“The proposed conference budget includes increasing and extending the state’s refundable Earned Income Tax Credit (EITC) from 15% to 20% of the federal credit, which will make our tax code more progressive and fair. This tax policy choice will mean a married couple with two kids making $30,000 a year will get an additional $300+ back during tax filing season compared to the 15% option, totaling more than $1,000. That will help families buy groceries, pay for gas, and keep the lights on. 

“The proposed budget continues recent historic investments made by state lawmakers in public education. After over 15 years, lawmakers have proposed significant funding to finally lift the arbitrary cap on state funding for student support positions, which covers the state share of the cost of an additional 4,725 support staff to help students succeed in the classroom (numbers for each school division are available here). Additionally, the conference report includes an additional $52.8 million in flexible funds for localities to be able to better support students with disabilities by paying for critical supports like learning aides and assistive technology. 

“In order to help build an economy that works for everyone, this conference report keeps Virginia on a path to a $15 an hour minimum wage by 2027 and allows access to paid family and medical leave to workers that have previously not had access to paid leave. These proposals will help increase economic opportunity and allow people to take paid time off to care for themselves and their loved ones.

“We strongly urge Governor Youngkin to approve these transformative investments that will expand opportunity and support for people across the commonwealth.”