Virginia May revenue collections increased 5.8 percentStaff writer ▼ | June 11, 2015
Virginia Governor Terry McAuliffe said May revenue collections increased 5.8 percent from a year ago, and that year-to-date revenue collections are up 7.3 percent from last year.
Virginia taxes Ahead of the revised annual forecast
With respect to the details of May general fund revenue collections, payroll withholding taxes rose 3.5 percent for the month even though there was one less deposit day in May this year than last year. Collections of sales and use taxes, reflecting April sales, rose 1.2 percent in May.
A total of $513.8 million in nonwithholding was collected in May compared with $433.2 million in May of last year, an increase of 18.6 percent. Combined April and May nonwithholding collections were up 19.0 percent.
May is a significant month for collections in nonwithholding as final payments for tax year 2014 and the first estimated payment for tax year 2015 are both due May 1.
Collections of taxes on wills, suits, deeds, and contracts – mainly recordation tax collections – were $32.6 million in May, compared with $25.7 million in May of last year for growth of 26.6 percent. Collections in this source have increased by double-digits over the last six months.
On a year-to-date basis, collections of payroll withholding taxes – 63 percent of General Fund revenues - increased 4.6 percent, ahead of the revised annual forecast of 4.0 percent growth.
Individual nonwithholding collections – 16 percent of the General Fund – have increased 19.6 percent on a year-to-date basis, ahead of the same period last year and ahead of the estimate of 7.9 percent annual growth.
Sales tax collections - 19 percent of General Fund revenues – increased 3.9 percent through May. Adjusting for the accelerated sales tax program and the 0.1 percent sales tax transfer to transportation required by the provisions of HB 2313, total revenues rose 7.3 percent through April, ahead of the adjusted forecast of 4.5 percent growth. ■