May Va Revenues Grow by 20.5 Percent

By: Virginia AP Email
By: Virginia AP Email
Virginia general revenue increased last month by 20.5 percent over May 2012 in one of the year

CBS / AP

RICHMOND, Va. (AP) -- Virginia general revenue increased last month by 20.5 percent over May 2012 in one of the year's most significant tax collection months.

A report to Gov. Bob McDonnell says that puts Virginia ahead of its budgeted forecast 11 months through its fiscal year.

Virginia needs to collect $1.7 billion in June to meet its budgeted general revenue target of $16.4 billion and finish the budget year with its balance sheet in the black. It collected $1.9 billion last year.

The May increase was thanks largely to a surge in "nonwithholding" income tax collections, or estimated income tax payments paid largely by the self-employed and on dividends.

Officials say sales and use tax collections grew 2.7 percent for the month while individual income tax withholding fell 1.8 percent.


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