State revenues grow in two consecutive months
- May 13, 2010
Virginia’s revenues grew for the first time in back-to-back months since 2008.
In April, general fund revenues collections increased a modest 0.4 percent when compared to April 2009. In March, revenues increased 3 percent.
Virginia last reported two consecutive months of revenue growth in March and April 2008.
April numbers received a big boost from corporate income tax, which was up 38.7 percent, while net individual income tax revenues were down 11.9 percent. Sales and use tax was up 7.3 percent.
However, year-to-date general fund revenues were down 3.6 percent, compared with the previous year.