Richmond, VA – According to the state officials, for the last month, total general fund revenues increased 17.3 percent versus the same period last year.
Year-over-year growth in February collection was affected by one additional deposit day due to leap year.
Among the major revenue sources, net individual income tax collections, corporate income tax, and interest income are all higher relative to last year, while sales and use tax collections, insurance premiums, and wills, suits and deeds are all lower year-to-date.
Governor Glenn Youngkin reportedly said:
“The Commonwealth’s February revenues show that our conservative forecast remains prudent as mixed labor market signals and the persistence of inflationary pressures continue to impact the outlook for interest rate reductions and the economy.
As we continue to monitor withholding and non-withholding patterns, this month’s report reinforces the importance of advancing a budget that does not raise taxes but rather empowers job creation and fosters a business environment that moves Virginia forward, not backward.”
