September revenues up; 1st fiscal quarter ends big - WSLS 10 NBC in Roanoke/Lynchburg Va

September revenues up; 1st fiscal quarter ends big

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RICHMOND, Va. (AP) - Virginia's September tax collections finished up 2.6 percent over the same month a year earlier, ending the first quarter of the state fiscal year comfortably ahead of the state's budgeted growth forecast.

 

For the first three months of fiscal year 2014, Virginia has collected $3.7 billion in general taxes that fund core services such as education, health care and public safety, or 2.8 percent ahead of last year's $3.6 billion.

 

Budgeted spending is based on 1.5 percent revenue growth.

 

The most broadly paid tax withheld from paychecks was up by nearly 3 percent from the same month last year. Individual withholding income taxes accounts for about two-thirds of all general revenues. Corporate income taxes for the month were up by 16.7 percent.

 

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