Va. Tax Collections Increase by 3 Percent in March

April 13, 2010

Virginia revenue collections increased in March, a modest break from months of dismal news about the state's bleak finances.

General fund revenues increased by 3 percent last month over March of 2009, thanks largely to strong collections in income tax payments. Taxes withheld from paychecks and salaries was up 18.2 percent for the month.

That's important because income tax withholding accounts for nearly two-thirds of all general tax collections.

Sales taxes, reflecting retail receipts from February, were down about 6 percent, but that also accounts for snowstorms that paralyzed Virginia and much of the mid-Atlantic region.

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