State revenues up 15.7 percent in October
Gov. Bob McDonnell announced today that total general fund revenue collections rose by 15.7 percent in October, primarily due to growth in individual withholding, nonwithholding and corporate income tax payments.
Two additional deposit days in October 2012, which is typically not a significant month for revenue collections, compared to October 2011 also contributed to the growth.
Comparing October 2012 to October 2011, collections of payroll withholding taxes rose 13.8 percent. Collections of individual nonwitholding taxes rose 43.2 percent. Collections of sales and use taxes, reflecting September sales, rose 1.1 percent in October. Due in part to late corporate September payments, collections of corporate income taxes rose 143.0 percent.
On a year-to-date basis, total revenue collections rose 4.8 percent through October, ahead of the annual forecast of 2.9 percent growth. Adjusting for the accelerated sales tax program, total revenues grew 4.0 percent through October, ahead of the adjusted forecast of 2.7 percent growth.