State revenue collections for January up 12.6% over last year
Virginia’s revenue collections for January increased by 12.6 percent over the previous year, and Governor McDonnell says it shows the state is beginning to emerge from the recession. Charles Fishburne reports.
January marked the tenth month out of the last eleven in which revenue increased over the prior year’s amount.
McDonnell: With this 12.6% revenue growth, after two months of growing at 9%, it shows that we have turned the corner and are coming out of the economic downturn.
The largest increase was in nonwithholding taxes paid largely on investments and by the self-employed at 10 percent. For the fiscal year, state revenues are up 5.4%, slightly ahead of the 5.2% forecast.
Charles Fishburne, WCVE News