Quantcast

VA Revenues Decline Nearly 21 Percent in May - NBC29 WVIR Charlottesville, VA News, Sports and Weather

VA Revenues Decline Nearly 21 Percent in May

Posted: Updated:

RICHMOND, Va. (AP) - Virginia's revenue collections declined nearly 21 percent in May, marking the biggest one-month decline in 13 years.

Gov. Terry McAuliffe said Thursday that total revenue collections on a year-to-date basis were down 1.6 percent through May, behind the annual forecast of 1 percent growth.

Collections decreased in individual nonwithholding income taxes, the corporate income tax, and the tax on wills, suits, deeds and contracts.

McAuliffe said that like many other states that have income taxes, Virginia is now seeing declining revenues from capital gains.

As for other sources of revenue, officials say collections of payroll withholding taxes fell 5.4 percent in May and sales and use taxes fell 1.6 percent.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WVIR. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.