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Virginia general fund revenue collections up 27.4% from previous year

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Christian Fernsby |
America   Collections of sales and use taxes, reflecting March sales, advanced 2.9 percent

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.

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.

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