Virginia revenue up 8.3 percent in May

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Virginia general fund revenues were up 8.3 percent in May as withholding tax, corporate tax and recordation taxes all grew during the month.

Withholding receipts were up 16.8 percent, partly because of an extra deposit day in May when compared to May 2011. Corporate income tax revenues were up 54.9 percent and recordation taxes grew 24.4 percent for the same month.

For the year, total revenue collections were up 6.2 percent over 2011, which is ahead of a budget forecast of 4.5 percent.

When adjusted for the accelerated sales tax program, total May revenues grew 5.9 percent.

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