RICHMOND, Va. (AP) — The state's tax general tax collections for May were up by 8.3 percent over last year, presenting the prospect of a year-end surplus by the time the current fiscal year ends in two weeks.
The May increase is thanks largely to a nearly 17 percent surge in individual income taxes withheld from wages.
Eleven months through the current budget year, that puts year-to-date collections 6.2 percent ahead of the same point in 2011 -- well ahead of the official revenue growth forecast of 4.5 percent on which budgeted spending was based.
Corporate income tax collections were up by almost 55 percent over May 2011, and sales taxes were up by 2 percent. Strong collections of the tax paid to record deeds, wills, contracts and lawsuits indicates continuing housing market improvement.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Did you like this article? Vote it up or down! And don't forget to add your comments below!