Gov. Glenn Youngkin recently announced a budget proposal to exempt service tips from Virginia’s state income tax.
This proposal will return an estimated $70 million annually to the pockets of hardworking Virginians to further deliver on Gov. Youngkin’s commitment to lower the cost of living for working families across the Commonwealth. This builds on the more than $5 billion in tax relief already delivered for Virginians under his administration.
“We have delivered over $5 billion in tax relief to date, and we remain committed to lowering the cost of living for hardworking Virginians. It’s their money, not the government’s,” said Gov. Youngkin. “By removing tips from taxable income, it will directly increase the take-home pay of hundreds of thousands of Virginians and give them more buying power, which in turn will improve financial stability, stimulate local economies, and honor the….
