General fund revenue collections up
RICHMOND — Gov. Terry McAuliffe announced that general fund revenues rose 7.7 percent in October, driven mainly by payroll withholding, sales and corporate income taxes. On a fiscal year-to-date basis, total revenue collections rose 4.9 percent, ahead of the annual forecast of a 2.7 percent increase.
According to a press release, October is not a significant month for revenue collections. Regular monthly collections are due in withholding, sales taxes and most minor sources. Due to recent federal legislation and administrative action by the IRS, corporations now have a seven-month filing extension for Virginia income tax purposes.
Therefore, corporate extension returns are due in November this year rather than October.
Collections of payroll withholding taxes rose 4.0 percent in October. Receipts from sales and use taxes, reflecting September sales, grew 9.0 percent in October. Collections of wills, suits, deeds and contracts — mainly recordation tax collections — were $34.0 million in October, compared with $33.0 million in October of last year, a 3.1 percent increase.