January 13, 2011
Governor Bob McDonnell announced Thursday that December revenue collections increased by 9.5% over the prior year when adjusted for the December 2009 one-time tax amnesty program.
This is the ninth month out of the last ten in which state revenue collections exceeded the previous year’s amount. It is the second month in a row in which year over year revenue growth was greater than 9%.
The revenue increase was primarily driven by withholding (+3.9%), corporate income (+3.4%) and sales tax (+8.6%- adjusted for tax amnesty) collections. Adjusted for the accelerated sales tax program, total state revenues grew 4.1 percent through December, slightly lagging the economic-base forecast of 5.2 percent growth.
Speaking about the latest revenue report, Governor McDonnell noted, “In a tough economy we are beginning to see real signs of progress and recovery. We have just posted two months of back to back 9% revenue growth, in the midst of a string of nine out of the last ten months featuring increases in state revenue. These are positive demonstrations of economic progress."
The December revenue numbers are available here.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.