Virginia sees its largest monthly revenue increase in 21st century | WTOP

General fund revenues in Virginia hit a record last month, according to Gov. Ralph Northam.

Virginia’s general fund revenues hit a record in April, according to Gov. Ralph Northam.

The general fund revenues rose almost 42% last month, representing the largest monthly increase since the turn of this century.

In addition to regular collections of withholding and sales taxes, final payments for the previous tax year and the first estimated payment for the current tax year were due from corporations on April 15.

This is the first revenue report that compares results with last year, when the coronavirus pandemic took hold and economic shutdowns began.

“Make no mistake — this is the result of strong fiscal management and Virginians doing the right things to put this pandemic behind us,” Northam said.

“People are getting back to work, businesses are investing, and we expect this surge to continue in the months ahead as our economy returns to full strength.”

Collections of payroll withholding taxes increased 3.4% for the month and collections of sales and use taxes grew almost 25%.

The governor’s office said that more than 80% of the monthly increase is due to a return to normal filing dates for taxpayers.

On a year-to-date basis, collections of payroll withholding taxes are up more than 3% and sales tax collections increased almost 9%. On a fiscal year-to-date basis, total revenue collections have increased almost 13% through April.

“As always, the fourth quarter collections will be highly dependent on individual estimated and final payments,” Secretary of Finance Aubrey Layne said.

“Because of the extension of the filing date last year for all corporate and individual tax payment dates in April and May to June 1, the entire fourth quarter of fiscal year 2020–2021, April through June, will be needed to accurately assess revenue performance this year.”

Like WTOP on Facebook and follow @WTOP on Twitter to engage in conversation about this article and others.

Get breaking news and daily headlines delivered to your email inbox by signing up here.

© 2021 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button