For Immediate Release Contact: Sarah Owen

August 25, 2023 (434) 942-5195

District23@senate.virginia.gov

Senator Steve Newman Announces a Final State Budget Deal

After months of intense negotiations, Central Virginia benefits in final budget

Lynchburg, VA - There is a budget deal reached between the House and Senate budget conferees. State budget
negotiations have taken place since the end of February. Senator Newman serves as one of the Senate’s budget
conferees and was an active participant in the final three days of intense negotiations in Richmond this week
that led to the compromise.

The deal reached between the House and Senate conferees is one that Central Virginians can be proud of. As a
budget conferee, Senator Newman was able to ensure important regional items were funded. The Internet
Crimes Against Children Task Force (ICAC), based in the Bedford County Sheriff’s Office, receives an
additional $1.2 million in the final budget deal. Additionally, Senate Newman was able to ensure that $6
million was included in the final budget for the Central Virginia Training Center property in Amherst County.
This funding will be used as a remediation incentive to assist with marketing the riverfront property to potential
developers.

Of great importance to all Virginians is the unprecedented tax relief that Senator Newman fought hard for in
this final budget product. It includes a one-time tax rebate of $200 for individuals and $400 for joint-filers,
increases the standard deduction ($8,500 for single-filers and $17,000 for joint-filers), removes the age
requirement for the military retiree subtraction, and reinstates the state sales tax holiday.

The budget deal also prioritizes historic investments in education, natural resources, and behavioral health care.

“I am pleased to announce that a budget deal has been reached between the House and Senate budget conferees.
While we have negotiated throughout the spring and summer, I joined a few legislators in Richmond over the
past three days for intense negotiations that have finally broken the log jam.

I am most proud of the monumental tax relief this budget provides, to the tune of $1 billion. This means that
the General Assembly and Governor Youngkin have provided more tax relief in the past two years than any
time in the Commonwealth’s history. And as Governor Youngkin said on Wednesday, ‘Virginia does well
when Virginians do well.’ Tax dollars are the people’s money and anytime we have a surplus, it should be the
priority of the government to return the dollars to their rightful owners.
This budget deal also prioritizes significant investments in public K-12 education and higher education. After
COVID-19 and the harmful impact that prolonged lockdowns had on our students, it is our duty to fund a rapid
and forceful response to equip parents and teachers to address learning loss. This budget does that full well.

I want to thank Governor Youngkin for his steadfast leadership throughout this prolonged negotiation
process. He has never wavered in his commitment to returning revenue back to hard-working Virginians.

While this has been one of the longer budget negotiations I’ve participated in as a legislator, I believe we have a
final product today that benefits all Virginians and sets us on a path for continued fiscal prosperity,” said
Senator Steve Newman.

With a final budget deal reached Thursday evening, budget staff will now work to input the information into a
final budget document that will go before all 140 members of the General Assembly for a vote in the coming
weeks.
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