State sees 4.9 percent increase in December revenue

Published January 11, 2013 by Robert Powell, III

The commonwealth’s total general fund revenue collections rose by 4.9 percent in December. 

The gains were primarily caused by strong collections in corporate income tax payments, according to the governor’s office.

Total general fund revenues are now projected to grow by 3.6 percent in fiscal year 2013, which began July 1.

On a year-to-date basis, total revenue collections rose 3.5 percent through the first half of the fiscal year, close to the annual forecast of 3.6 percent growth. 

Adjusting for the accelerated sales tax program, total revenues grew 3 percent through December, trailing the adjusted forecast of 3.4 percent growth.