Governor Warner Comments on Tax and Budget Action at General Assembly "Crossover" Deadline

Governor Warner Comments on Tax and Budget Action at General Assembly "Crossover" Deadline
- Senate Finance Committee supports many elements of tax reform -

RICHMOND - Governor Mark R. Warner today made the following statement on tax and budget actions taken by the House of Delegates and Senate as the General Assembly hits its 'crossover' deadline.

"Since November, we have been talking in great detail about a budget and tax reform effort that would make our system more fair, meet our core commitments, and preserve our fiscal integrity. There has been considerable progress in the five weeks since the General Assembly convened to consider these matters. There now is consensus that reforms are needed and that optimism and good stewardship alone will be insufficient to maintain core services for our people and preserve our sterling credit rating.

"From the Senate Finance Committee today, we see a tax reform proposal that incorporates many of the changes I recommended, and goes farther in some areas. This bold proposal deserves careful review and my hope is that a comprehensive reform plan will be embraced by the full Senate later this week.

"In the House of Delegates, I am heartened that a majority of Republican legislators have now gone on record in support of a measure to add new state revenues. This action clearly reflects a growing understanding that without additional revenues, our most basic services will be compromised. I welcome this recognition.

"I am concerned that the House proposal only partially meets our needs. It has also not been subject to any review of its impact on jobs and our economy. I am particularly concerned that we not attempt to balance our budget on revenue estimates from this proposal that we all know to be uncertain.

"I look forward to working with members from both houses and both parties in the coming weeks to achieve comprehensive tax reform and fix our budget."