State revenues up in April
State-government revenues rose 10.6 percent in April over the same month a year ago. On a year-to-date basis, total revenue collections have risen 5.9 percent, ahead of the revised annual forecast of 4.6 percent growth. Adjusted for the accelerated sales tax program, state revenues have grown 5.6 percent, ahead of the economic base forecast of 4.7 percent growth.
“With our pro-business policies, low unemployment, and well-managed government, Virginia continues its recovery from the challenging economic period and continues to demonstrate why it is one of the best places in the nation in which to do business and live,” Gov. Bob McDonnell said in a statement.
April is a significant month for revenue collections. In addition to regular collections of withholding and sales taxes, final payments for tax year 2011 and the first estimated payment for tax year 2012 were due from corporations on April 17. Also, a large portion of estimated and final payments from individuals, which are due May 1, are typically received in April. May, however, normally contains the high income tax returns, therefore April and May payments need to be looked at together.