Delegate Tim Hugo was recognized with a “Free Enterprise Award” Wednesday by the Virginia Chamber of Commerce for his work supporting pro-business policies and tax reform during the 2019 legislative session. He was one of three members of the House of Delegates specifically commended for their work to pass tax reform.
“I am honored to receive the Chamber’s Free Enterprise Award, and equally proud of our work to pass historic tax reform,” said Delegate Hugo. “Because of the legislation we passed earlier this year, Virginia families will receive at least $976 million in tax relief instead of being hit with a tax increase. That is good news for Virginia taxpayers, businesses, and jobs.”
Delegate Hugo’s tax reform bill, HB 2529, was signed into law earlier this year and will provide $420 million in tax refunds to Virginia taxpayers in October of 2019. This means individuals will receive up to $110 and couples will receive up to $220.
The plan also provides a large increase in the state standard deduction from $3,000 to $6,000 for individuals and $6,000 to $9,000 for families. The legislation simultaneously maintains the current rules for state and local taxes (SALT), to ensure that homeowners are not hit with an unexpected tax increase at the state level.
The total package as signed into law will guarantee at least $976 million in tax relief, or about $400 for every family in the Commonwealth.
Republican Tim Hugo represents the 40th District in Virginia’s House of Delegates. To learn more, visit TimHugo.com.