Gov. Bob McDonnell announced today that September revenue collections increased by 2.6 percent from September of last year.
September is a significant month for revenue collections because in addition to normal collections, the state also receives the first estimated income tax payment from individuals and corporations.
On a year-to-date basis, total revenue collections rose 2.8 percent through September, ahead of the annual forecast of 1.5 percent growth. Adjusting for the accelerated sales tax program and the 0.125 percent sales tax transfer required by last session’s historic transportation bill, total revenues grew 3.5 percent through September, ahead of the adjusted forecast of 1.4 percent growth.
The increase in September revenue was driven by growth in individual withholding, corporate income taxes and individual nonwithholding. Individual withholding rose 2.9 percent and individual nonwithholding grew by 2.1 percent. Corporate income tax collections increased by 16.7 percent. At the same time, sales and use taxes, reflecting sales made in August, fell 2.7 percent.
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