April state revenue rose 2.2 percent compared with last year
- May 14, 2013
Virginia’s April revenue collections increased by 2.2 percent over the same month last year.
April is a significant month for revenue collections, the governor’s office said. In addition to regular revenue collections, final payments for tax year 2012 and the first estimated tax payment for tax year 2013 were due from corporations on April 15.
On a year-to-date basis, total revenue collections rose 4.1 percent through April, ahead of the annual forecast of 3.6 percent growth.
The state said the April revenue increase came primarily from a 5.5 percent increase in net individual income tax collections, including a 7 percent increase in individual income tax withholding tax revenues.
Sales tax revenues were flat in April and slightly trail the annual estimate of 4.1 percent. Year-to-date collections of corporate income tax have fallen 8.2 percent, lagging the estimate of a 4.5 percent decline.