Virginia releases Dec. 2020 revenue report
RICHMOND Va. (WVIR) - General Fund revenue collections is up 15.1% from the previous year in Virginia, according to the Office of Governor Ralph Northam.
Northam also announced Wednesday, January 13, that total revenue collections rose 7.8% through December 2020.
“Our diligence in following our long-term financial plan has put Virginia in a stronger position to weather this health crisis and ensure a sustainable recovery,” the governor said in Wednesday’s news release. “As we look ahead to a post-pandemic world, this continued solid revenue performance gives us confidence that we can meet our budget priorities, enhance our cash reserves, and provide relief to Virginians who need it.”
Additionally, collections of payroll withholding taxes rose 10.6% in December, while collections of sales and use taxes were up 5.2%. Collections of wills, suits, deeds, and contracts were $63.6 million in December 2020, compared with $40.4 million in December of 2019.
The governor’s office says December is a significant month for corporate income tax collections as quarterly estimated payments are due for most corporations and refunds from extension returns are processed. Collections of corporate income taxes grew 37.7% on a year-to-date basis, compared with the forecast of 19.9% growth.
The full report is available here.
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