Virginia fiscal year-to-date revenue collections up 6.2 percent

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Governor Ralph Northam today announced that April revenue collections grew 27.4 percent. On a fiscal year-to-date basis, total revenue collections rose 6.2 percent, ahead of the annual forecast of 5.9 percent growth.

“This is the first month of the all-important fourth quarter of the fiscal year, and I am pleased with the strong results,” said Governor Northam. “While the individual estimated and final payments that were due May 1 still need to be processed, we are currently on track to allow supplemental individual refund checks to go out later this fall as specified in the enacted budget.”

With one more deposit day compared to April of last year, collections of payroll withholding taxes increased 7.4 percent for the month. Collections of sales and use taxes, reflecting March sales, advanced 2.9 percent in April. April is a significant month for nonwithholding collections. Final payments for tax year 2018 and the first estimated payment for tax year 2019 are both due May 1. Typically, a portion of final payments due May 1 for calendar year 2018 are received in April, however, the amount varies from year to year. Estimated and final payments will continue to be processed in May. Therefore, April and May collections must be analyzed together to accurately assess growth in this source. Nonwithholding payments were $1.2 billion in April, 40.3 percent above the level a year-ago. Also in April, corporations made their first estimated payment for tax year 2019, and made either a final or extension payment for tax year 2018. Collections of corporate income taxes were $272.3 million in April, compared with receipts of $181.0 million in April of last year, a 50.4 percent increase. Both nonwithholding and corporate sources are up in part due to the federal Tax Cuts and Jobs Act changes that flow to Virginia.

On a year-to-date basis, collections of payroll withholding taxes—62 percent of General Fund revenues—are 3.7 percent above the same period last year, close to the estimate of 3.8 percent growth. Sales tax collections—17 percent of General Fund revenues—increased 3.4 percent, slightly behind the annual estimate of 3.7 percent growth. Year-to-date, nonwithholding collections are 6.7 percent above the same period last year, behind the annual estimate of a 15.2 percent gain. Fiscal year-to-date, corporate income tax collections were up 13.8 percent, ahead of the annual forecast of 5.6 percent. On a fiscal year-to-date basis, total revenue collections have increased 6.2 percent through April, ahead of the annual forecast of 5.9 percent growth.

May and June are also significant collection months. Individual estimated and final payments will continue to be processed in May and estimated payments for individuals, corporations, and insurance companies are due June 15.

To view the full report, click here.

         
 

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