Va. General Fund revenue jumped 18.5% in March
Total revenue collections rose 9%
Virginia’s General Fund revenue for March 2021 increased by 18.5% compared with March 2020, Gov. Ralph Northam announced Tuesday.
Total revenue collections rose 9% through March on a fiscal year-to-date basis, which was well ahead of the 3% growth forecast.
“Virginia’s solid revenue picture is yet another sign that we are emerging very strong from the pandemic and continue to address its impacts on our economy,” Northam said in a statement. “Together with the General Assembly, we have worked to ensure these gains will translate into additional relief to families and businesses and the targeted investments we need for a broad-based, equitable recovery.”
Payroll withholding tax collections increased 23.7% during March, while sales and use tax collections (reflecting February 2021 sales) rose 8.1%.
“As always, the fourth quarter collections will be highly dependent on individual estimated and final payments,” Secretary of Finance Aubrey Layne said in a statement. “The last three months of the fiscal year are significant collections months. In addition to estimated and final payments from both corporations and individuals due in April and May, estimated payments are again due in June. I remind individual taxpayers that their final payment for tax year 2020 is due on May 17, in tandem with the federal due date. However, the first individual estimated payment for tax year 2021 remains May 1.”
Corporate income tax collections increased 33.7% during March compared to March 2020, a jump from $69.2 million to $72.3 million.