Gov. Youngkin signs Virginia state budget: $4 billion in tax cuts

GLENN ALLEN, Va. (WSET) — The Virginia state budget is officially signed, and this means more money in Virginians' pockets. Gov. Glenn Youngkin signed off on the budget Tuesday afternoon in Glenn Allen.

Youngkin said he's been working since day one to cut the cost of living for residents and build a better Virginia.

He said signing the budget is a big step in that direction.

"It's time to do what's right for the Commonwealth. It's time to do what's right for Virginians. It's time to recognize we work for you," Youngkin said.

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He said one of the biggest wins: giving hard-working Virginians more money.

"We went to work to reduce taxes, all on day one, and cut taxes we did," Youngkin said.

This budget includes $4 billion in tax cuts. It eliminates the grocery tax, increases the standard deduction, and has the largest tax rebate in Virginia history.

Another big area for funding is education.

"Funding into school construction for facilities that are so needed. Funding into programs for Virginia's kids with disabilities and funding $100 million into lab schools to provide choice," said Youngkin.

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Plus, $45 million for school resource officers and $400 million for law enforcement.

"Increase salaries at a record level, to fund training and equipment, to fund community programs. Friends, together we can re-establish safety in our communities," Youngkin continued.

But Youngkin said the work's not done yet.

"We are not stopping now. We are shifting from high gear into extra high gear," Youngkin said.

He also said there are several losses in this budget, with the repeal of the gas tax holiday at the top.