March 13, 2013
RICHMOND, Virginia (AP)— Virginia general revenues declined by 2 percent last month compared to February 2012 largely because of downturns in income tax collections.
It's the fifth month in the past 12 that revenues have dipped below their marks from the previous year and the second time since November's 3.3 percent decline.
Finance Secretary Ric Brown wrote in his monthly revenue report to Gov. Bob McDonnell that income taxes withheld from salaries declined 5.7 percent, and estimated payments from investors and the self-employed decreased 14.5 percent.
Brown says it's a reminder that future economic growth remains insecure and uncertain.
The bright spot was a 10.3 percent jump in sales tax collections, representing the last post-holiday sales.
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