June 12, 2014
RICHMOND, Va. (AP) - Virginia's revenue collections declined nearly 21 percent in May, marking the biggest one-month decline in 13 years.
Governor Terry McAuliffe said Thursday that total revenue collections on a year-to-date basis were down 1.6 percent through May, behind the annual forecast of 1 percent growth.
Collections decreased in individual nonwithholding income taxes, the corporate income tax, and the tax on wills, suits, deeds and contracts.
Gov. McAuliffe said that like many other states that have income taxes, Virginia is now seeing declining revenues from capital gains.
As for other sources of revenue, officials say collections of payroll withholding taxes fell 5.4 percent in May and sales and use taxes fell 1.6 percent.
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