newsyoungkin tax rebate adjusted state revenues up nearly 11 percent in september

Youngkin: Tax-rebate-adjusted state revenues up nearly 11 percent in September

Chris Graham
virginia politics
(© Tatiana –

Virginia government revenue collections for September, the final month in the first quarter of fiscal year 2023, exceeded budget estimates, according to a release from the Office of Gov. Glenn Youngkin on Friday.

September revenues reflected the nearly $900 million of tax rebates delivered to Virginians in recent weeks as a result of Youngkin’s first budget. In addition to the tax rebate, year-to-date revenues reflect the repeal of the Accelerated Sales Tax, which took effect in June.

Adjusting for these tax reductions, first quarter general fund revenues were up 7.6 percent, and 10.7 percent in September, year-over-year.

For the month, payroll withholding increased by 0.3 percent (11.0 percent adjustment for the timing of deposit days). Wage growth and a strong labor market drove growth in payroll withholding.

There were 128,000 more Virginians employed in August 2022 than there were in August 2021, an increase of 3.1 percent year-over-year. Virginia, however, has yet to recover more than 118,000 jobs that were lost during the pandemic (now at 97.2 percent of pre-pandemic levels) while our key competitor states have all exceeded pre-pandemic employment levels.

The full September 2022 revenue report is available here.


Chris Graham

Chris Graham

Chris Graham is the editor of Augusta Free Press. A 1994 alum of the University of Virginia, Chris has won 17 Virginia Press Association awards for his work as an investigative reporter, feature writer and columnist. Chris is the author and co-author of seven books, including Poverty of Imagination and Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, both published in 2019, and The Worst Wrestling Pay-Per-View Ever, published in 2018. For his commentaries on news, sports and politics, go to my YouTube page, Want to reach Chris? Try [email protected].