Virginia’s General Assembly convened recently, passing hundreds of bills that will head to Governor Youngkin’s desk to be either approved or vetoed by March 24.
Among the notable items that could affect you are the following:
• A budget package that includes one-time bonuses for state employees, teachers, and other public-school employees and tax cuts in the form of one-time payments of $200 for individuals and $400 for couples filing jointly.
• The proposed budget also includes $50 million for the Richmond Combined Sewer Overflow system to help prevent a future water crisis.
• Other proposed bills include adding abortion rights to the state constitution, raising the minimum wage to $15 per hour by 2027, and requiring all Virginia employers to provide paid sick leave to employees.
• For those that rely on veterinarians for large animals, a bill to provide grants to help bring more into the field also passed to help battle the statewide shortage.
• Residents living in Henrico will have to approve a referendum if Rosie’s is to be allowed to open a casino venue in the county.
Beneficial Ownership Information Update (BOI)
On March 2 the Department of Treasury announced that it will not enforce any penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines, nor will it enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect.