Virginia revenue collections grow 20.5 percent in May
- June 14, 2013
General fund revenues grew 20.5 percent in May, mostly from a surge in payments from individual income tax earners whose taxes are not withheld each month.
On a year-to-date basis, total revenue collections are 6 percent higher through May than the same time period last year. This compares with a forecast of 3.6 percent growth. When adjusted for the accelerated sales tax program, total revenues grew 5.7 percent in May.
Individual income tax nonwitholding, which makes up 15 percent of general fund revenues, grew to $776.1 million in May, compared with $444.2 million in May of last year. This income category is a major source of revenue in May because both final payments for 2012 and the first estimated payment for 2013 are due May 1.
Since some of these final payments are paid in April, comparisons of this category are best made using both months.
When taken together, collections grew 30.7 percent in April and May, compared with last year.
Also during May:
-Individual income tax withholding fell 1.8 percent, but are up 2.6 percent year-to-date.
-Sales tax grew 2.7 percent in May and have risen 3.5 percent year-to-date.
-Wills, suits, deeds and contract revenues were up 15.3 percent and are up 17.2 percent on a year-to-date basis.
-Interest income fell 10.2 percent year-to-date
-ABC taxes grew 4.4 percent through May.
May is not a significant month for corporate income tax or insurance premiums. Year-to-date corporate income taxes have fallen 8.5 percent and insurance premiums have increased 5.9 percent.