State revenues continue climb

April revenue collections by state government increased by 1.5 percent over the prior year, continuing a trend of increased monthly state revenues dating back to last year. This is the 13th month out of the last 14 in which state revenue collections exceeded the previous year’s amount. Over the last six months, state revenues have grown by 7.7 percent.

April is a significant month for revenue collections with final payments for tax year 2010 due April 15th for corporations and May 1 for individuals. The April revenue increase was primarily driven by withholding (+6.5%), nonwitholding (+11.1%) and sales tax (+7%- this number reflects March sales) collections.

On a year-to-date basis total revenue collections have risen 4.5 percent, ahead of the annual forecast of 3.5 percent growth. Adjusting for the accelerated sales tax program in June 2010, total revenues grew 6.1 percent through April, ahead of the economic-base forecast of 5.5 percent growth.

“That means we are now seeing gains over previous gains, which is a positive sign that this recovery is increasingly taking hold. While we have a long way to go before every Virginian can find the good-paying and rewarding job they need and deserve, it is clear that progress is being made,” Virginia Gov. Bob McDonnell said in a statement Thursday.


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