Virginia’s revenue collections increased by about 17 percent in February over the same time last year, state officials reported Wednesday.
The increase was driven by an uptick in most major revenue sources, including individual income tax withholding, income tax non-
withholding and sales and corporate taxes.
On a year-to-date basis, total revenue collections have risen 5 percent, slightly ahead of the revised annual forecast of 4.6 percent growth.
“The bipartisan effort to put in place a pro-business, job-creation agenda in the commonwealth is paying dividends,’’ McDonnell said in a statement. “However, our growth remains subject to many unstable factors, not the least of which is the uncertainty following Senate Democrats’ decision to reject both proposed budgets during the 2012 regular session.”