When the recession hit Virginia, legislators dipped heavily into the state’s “rainy day fund” to help balance the budget and keep important services up and running. But the fund could have been stronger, according to a new report published today by the Commonwealth Institute. The report also shows how efforts under way now to...
Finding the Best Deal for Virginians Analysis Examines Impacts of the Compromise Tax Deal on Virginia RICHMOND, VA — The compromise tax deal currently under debate in Washington has important implications for Virginia families, workers, businesses, and the state budget, according to a new report published today by the Commonwealth Institute for Fiscal...
A Federal Infusion of Funds Helps to Stop the Bleeding: The Inside Story of ARRA Funds in Virginia New Report Shows How Recovery Act Funds Helped Virginia Balance Its Budget August 17, 2010 RICHMOND, VA –Fiscal relief funds from the American Recovery and Reinvestment Act (ARRA) continue to be a key element in...
Recovery Act Helped Hard-Hit Localities in Virginia New Report Analyzes Recovery Act’s Impact on Virginia’s Cities and Counties June 16, 2010 RICHMOND, VA — The American Recovery and Reinvestment Act has delivered $3 billion in direct aid for Virginia families since being enacted in February of 2009, according to a new report by...
How the State Budget Increases Taxes on Working Virginia Buried deep within the budget is a critical change to the state’s Earned Income Credit program that will raise taxes by a total of $6 million on 114,000 working Virginia families starting in 2010. Under the federal Recovery Act passed last year, the federal Earned...
March 24, 2010 Richmond, VA – An estimated 37,000 job losses and reduced economic activity of over $2 billion will likely result from cuts to state spending in health care and education under the budget approved recently by the General Assembly according to a new, comprehensive study released today by the Commonwealth Institute...
Recovery Act’s Food Stamp Increase Boosting Local Economies Across Virginia The increase in food stamp funding passed as part of the American Recovery and Reinvestment Act delivered an additional $96 million in nutritional assistance to more than 699,000 Virginians between April and October of this year, and it will continue to provide enhanced benefits...
Governor’s Budget Proposal Balances Cuts and Revenue December 21, 2009 RICHMOND — Governor Tim Kaine’s final budget proposal released Friday, Dec. 17, 2009, reflects the problems facing Virginia in the current economy: As the needs of Virginians have grown during the recession, the state has fewer resources to address these needs. Revenues are...
New Report Shows Many Obscure, Unreported Tax Provisions cost Virginia over $2.5 Billion; Greater Oversight Needed November 9, 2009 A host of mostly unknown and unreported tax expenditure programs are draining the state’s revenue by more than $2.5 billion each year, according to new analysis by The Commonwealth Institute. Yet despite their large costs,...
RICHMOND – An obscure business tax break in the recent federal economic recovery package threatens to cost Virginia and most other states billions of dollars over the next couple of years, according to a report from the Washington, DC-based Center on Budget and Policy Priorities. But state lawmakers can take simple steps to prevent...
