Glenn Youngkin
Governor Youngkin recently signed a bill into law to combat inflation by allowing localities to lower vehicle taxes. This helps relieve the burdens of taxpayers, who desperately need it in this time of skyrocketing inflation.
Sponsored by Republican Delegate Phillip Scott, HB 1239 passed both chambers with bipartisan support. The will permit local governments to classify vehicle taxes separately from the regular personal property tax until 2025, letting them have a lower rate. However, while the vehicle tax can lower the personal property tax, it cannot be higher. That ensures this tax relief does not become a tax hike.
“I am proud to sign this legislation and work with the General Assembly to empower localities to lower the cost of living,” Governor Youngkin said. “Many Virginians are struggling due to rising prices, now it is up to local leaders across Virginia to step up and fight inflation with real tax relief. I look forward to continuing our work to deliver real tax relief for all Virginians.”
Inflation rose 8% in February, the highest it has been in 40 years. As a result, many legislatures across the country are cutting taxes to give their citizens relief. Youngkin already supported lower taxes before the crisis started and his continued advocacy will continue to make Virginia a better place to live, work, and raise a family.
Youngkin also said, “With prices soaring on the necessities that families and individuals use every day, Virginians are in dire need of relief to their wallets. I am proud to sign this legislation and work with the General Assembly to empower localities to lower the cost of living. Many Virginians are struggling due to rising prices, now it is up to local leaders across Virginia to step up and fight inflation with real tax relief. I look forward to continuing our work to deliver real tax relief for all Virginians.”
This new law empowers local governments to help their people and advances Governor Youngkin’s agenda for lower taxes. Youngkin has signed the Taxpayer Protection Pledge, promising not to raise taxes under any circumstance. In fact, one of the key goals in his campaign was halting a hike in the gas tax from taking effect. Youngkin also wants to eliminate the grocery tax and give families $1500 in rebates.
Recently, Virginia’s legislature adjourned without agreeing on a budget but Governor Youngkin called them back for a special session and declared his goal for the new budget to include historic tax relief for the people of Virginia.