Va. Revenues Grow in Dec., Keep Pace with Forecast

January 12, 2013

RICHMOND, Va. (AP) - Virginia general tax collections increased by nearly 5 percent in December over the same month the year before, keeping revenues on pace with official forecasts on which the state budget is based.

The holiday season's healthy showing puts revenue growth halfway through the current fiscal year at 3.5 percent, close to the forecast of 3.6 percent.

Individual income taxes withheld from payrolls increased by 2.5 percent during the month. That accounts for more than three-fifths of general state tax collections that fund core services such as public education, health care and public safety.

But the estimated taxes paid largely on dividends and by the self-employed plunged 34 percent from December 2011.

December sales taxes collections, which reflect November retailing and comprise one fifth of general revenues, increased 2.8 percent.

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