$5.5M in new local tax revenue, according to Free Enterprise Forum report
CHARLOTTESVILLE, Va. (WVIR) - A new report out from the Free Enterprise Forum shows Virginia retailers saw an increase in sales tax growth during the fourth quarter of 2022.
This comes from recently released sales tax collection numbers in Albemarle, Augusta, Fluvanna, Greene, and Louisa counties, as well as Charlottesville and Waynesboro.
FEF President Neil Williamson says inflation is one of the reasons for the increase.
“You’re seeing four of the seven localities that we attract are in excess of inflation, meaning they’re actually increasing sales beyond just the inflationary numbers. Three of the localities are behind inflation, mean their sales are not keeping up,” Williamson said.
He says this trend is an overall positive for the area.
Click here for the full report.
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