(Richmond)- Virginia lawmakers approved a budget compromise which includes a one-time tax rebate and the reinstatement of the sales tax holiday. The 758-page budget includes more than $1 billion in tax reductions, including a one-time tax rebate of $200 for individuals and $400 for joint filers. It also increases the standard deduction to $8,500 for single filers and $17,000 for joint filers. The sales tax holiday, traditionally held in early August on back-to-school and hurricane preparedness items, is also returning after it expired earlier this year. According to online budget documents, lawmakers have scheduled a tax holiday for the third week of October.
