March 12, 2014
RICHMOND, Va. (AP) -- Virginia general revenue increased last month by 2.2 percent over April 2012 in one of the year's most significant tax collection months, putting Virginia slightly ahead of its budgeted forecast 10 months through its fiscal year.
That means Virginia needs to collect about $3.6 billion in May and June to meet its budgeted general revenue target of $16.4 billion and finish the budget year with its balance sheet in the black.
April is a major month for individual income taxes because Virginians typically file their state returns by the federal tax deadline of April 15. Net individual income taxes, including refunds, comprise two-thirds of the general budget and increased by about $53 million, or 5.5 percent, over the same month a year ago.