RICHMOND, Va. (CBS19 NEWS) -- Governor Glenn Youngkin has signed a new state budget, which he says delivers on his promise to provide tax relief to Virginians.

According to a release, the new budget also increases funding for law enforcement and supports the development of lab schools as well as other initiatives Youngkin announced on his first day in office in January.

“Every day we have worked hard to build a more prosperous Virginia, with greater opportunity for future generations,” he said. “Together, we enacted historic tax cuts and made record investments in education and public safety. Together, we stood for greater accountability and transparency in government. And together, we are building an opportunity society, where Virginians can find the jobs they are looking for right here in the Commonwealth. This has always been about the movement we created together. It’s the people who sent us all to Richmond who make this Virginia we love so great.”

"After months of effort we have successfully completed the state budget process. Working together across party lines, we have made historic investments in our educational system from preschool through grad school, mental health services, economic development programs, and our park systems," said Senator Janet Howell (D-32nd), Senate Finance and Appropriations Committee Chair." We have also made unprecedented additions to our reserves, thus protecting our AAA bond rating."

The re-enrolled budget for fiscal years 2023 and 2024 will be formally enrolled this week.

Below is a list of initiatives included in the budget:

Cutting Costs for Virginians

  • Provides almost $4 billion in tax relief to Virginians
  • The largest tax relief in Virginia history
  • Eliminates the 1.5% state grocery tax
  • Nearly doubles the standard deduction to $8,000 for single filers and $16,000 for joint
  • Gives every Virginia taxpayer a tax rebate of $250 for single filers and $500 for joint
  • Exempts $40,000 of veteran retirement income tax for veterans over 55

Restoring Excellence in Education

  • Boosts education spending to the largest level in Virginia history with $3.2 billion in direct aid
  • Raises teacher pay by 10%
  • Provides $100 million to launch lab schools with colleges, including community colleges and HBCUs
  • Provides almost $900 million in funding to Virginia’s HBCUs
  • Funds the Virginia Literacy Act with nearly $10 million
  • Puts $7 million towards reading specialists to coach our students who are furthest behind
  • $1.25 billion in grants and loans to support school construction 
  • Requires each public college to adopt an official policy on academic freedom and begin reporting on the state of free expression and diversity of thought on their campus

Keeping Our Communities Safe

  • Provides $45 million to fund school resource officers
  • Establishes $13 million for violence prevention grants including Operation Ceasefire
  • Provides $400 million in compensation and additional support for our law enforcement and public safety heroes 
  • Prevents the early release of over 500 violent inmates

Reinvigorating Job Growth And Making Government Work for You 

  • Invests $150 million in site development to attract job creators
  • $10 million to support transformation initiatives at the DMV, the Virginia Employment Commission, and other state agencies