March 9, 2007
Lawmakers passed several tax breaks this election year and now await Governor Tim Kaine's signature. Two bills backed by Kaine passed easily through the General Assembly.
One bill would raise the minimum threshold for filing state income taxes for filing state income taxes and the other, a constitutional amendment that would allow local governments to discount real estate taxes on homes up to 20 percent.
Legislators passed a phased in plan that would make the filing threshold at $11,250 for individuals and $23,900 for couples by 2012.
The constitutional amendment to discount real estate taxes must pass the legislature next year before it is adopted.