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Kira Jenkins // September 11, 2019//
Virginia’s General Fund revenue increased slightly, by 0.3% in August, up from same month the previous year.
Collection of payroll withholding taxes decreased 3.2% in August because it included one less deposit day than the year before.
That decline was offset by the collection of sales and use taxes, which grew 12.9% in August. Also, recordation taxes from real estate transactions increased by 15.2%.
In a statement, Virginia Secretary of Finance Aubrey Layne said most of the gain in sales tax collections can be attributed to a 44% increase in use tax receipts as many internet companies registered as sales and use tax dealers.
The governor’s office said September collections will complete the first quarter of fiscal year 2020, providing a clearer assessment of revenue growth.
The first estimated payments from individuals, corporations and insurance companies are due in September.
On a fiscal year-to-date basis, total revenue collections rose 7.3% in August, above the annual forecast of 1.2% growth.
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