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Va. General Fund revenue jumped 18.5% in March
Virginia‘s General Fund revenue for March 2021 increased by 18.5% compared with March 2020, Gov. Ralph Northam announced Tuesday. Total revenue collections rose 9% through March on a fiscal year-to-date basis, which was well ahead of the 3% growth forecast. “Virginia’s solid revenue picture is yet another sign that we are emerging very strong from […]
Business groups ask Va. lawmakers for higher PPP tax deductions
Virginia’s two legislative bodies have not yet agreed on an amount that Virginia businesses can deduct from federal Paycheck Protection Program loans they received last year, and how much of the loans they’ll have to pay state taxes on. Business groups are asking state lawmakers to allow higher deductions — especially for sectors like hospitality […]
Northam announces $730.2M state revenue forecast increase
Gov. Ralph Northam‘s revised budget released Monday shows that the commonwealth expects a $730.2 million increase in this year’s revenues forecast over December 2020, from $46 billion to more than $46.7 billion during the next two years. “These revised budget numbers tell us that Virginia‘s economy continues to thrive, in spite of the pandemic,” Northam […]
Virginia extended individual tax filing deadline is Nov. 2
The six-month filing extension deadline for individual income taxes in Virginia is Monday, Nov. 2, Virginia Tax reminded taxpayers Wednesday. “Last year, more than 488,000 taxpayers took advantage of the automatic, six-month filing extension in Virginia, and the majority of those returns came in electronically,” Virginia Tax Commissioner Craig M. Burns said in a statement. […]
State General Fund revenues fell 20.6% in May
Due to the economic impacts of COVID-19, state General Fund revenue collections fell 20.6% in May, compared to May 2019, Gov. Ralph Northam announced Thursday. However, he noted in his afternoon news conference, this represents an improvement from last month and from an expected quarterly loss of $1 billion in revenue. In April, the state […]
