Home News Va. General Fund revenue up 41.9% in April compared to 2020

Va. General Fund revenue up 41.9% in April compared to 2020

Total revenue collections rose 12.8%

Published by

Virginia’s General Fund revenue for April 2021 increased by 41.9% compared with April 2020, the largest increase in this century, Gov. Ralph Northam announced Wednesday.

Total revenue collections rose 12.8% through April on a fiscal year-to-date basis, which was well ahead of the 2.7% growth forecast. 

“Virginia is posting the largest monthly revenue increase in the 21st century this month, in sharp contrast with many other states,” Northam said in a statement. “Make no mistake — this is the result of strong fiscal management and Virginians doing the right things to put this pandemic behind us. People are getting back to work, businesses are investing, and we expect this surge to continue in the months ahead as our economy returns to full strength.”

Payroll withholding tax collections increased 3.4% during April, while sales and use tax collections (reflecting March 2021 sales) rose 24.8%.

“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. “Because of the extension of the filing date last year for all corporate and individual tax payment dates in April and May to June 1, the entire fourth quarter of fiscal year 2020-2021, April through June, will be needed to accurately assess revenue performance this year.”

Corporate income tax collections increased 158.4% during April compared to April 2020, a jump from $159.8 million to $387.3 million.

Subscribe to Virginia Business. Get our daily e-newsletter.

Related Stories

Trending

Sponsored Stories