RICHMOND, Va. (WRIC) — Negotiators from Virginia’s General Assembly have announced that a budget deal has been reached, balancing tax relief and increased funding for education.

The announcement was made in a release signed by three lawmakers — House Appropriations Committee Chairman Barry Knight (R), and Senate Finance and Appropriations Committee Co-Chairs George Barker (D) and Janet Howell (D) — claiming that major components had been agreed to and staff would be “completing the final touches in the days to come.”

Most notably, the deal will include a one-time tax rebate of $200 for individuals and $400 for joint filers.

Earlier this week, the three budget negotiators said they were optimistic about reaching a deal after Knight had earlier mentioned the possibility of a compromise over a one-time tax rebate.

On Wednesday, Gov. Glenn Youngkin was asked if he would support one-time rebates instead of permanent cuts.

“I know that we can afford permanent cuts, and if we take a moment here to provide the one-time tax relief and move forward for permanent cuts next year, that’s a compromise that I would be willing to accept,” Youngkin said.

In addition to the one-time tax rebate, the budget will reportedly increase the standard deduction to $8,500 for single filers and $17,000 for joint filers, remove the age requirement for military retiree subtraction, and reinstate the sales tax holiday.

“Taken together, these actions provide relief to low- and middle-income Virginia citizens and businesses,” the release reads. “We also prioritized investments in education at all levels to ensure that our students recover from pandemic learning loss and are workforce ready.”

According to the budget negotiators, there will also be increased financial aid for college students and additional operating support to ensure “access is not limited due to family income.”

“While the negotiations have been deliberate and extended, we are very pleased that the outcome is both fair and balanced toward the priorities of the House and Senate,” the release reads. “In an era when partisanship often prevails, the negotiations were cordial and respectful.”