Virginia tax revenue is projected to grow 3.6 percent in the fiscal year that ends June 30, state Finance Secretary Richard D. Brown reported this week.
In his report to Gov. Robert F. McDonnell (R), Brown also said total general fund revenue collections for the month of December rose 4.9 percent, with “strong collections in corporate income tax payments accounting for much of the growth.”
Through the first half of the fiscal year, which began July 1, total revenue collections rose 3.5 percent. But adjusting for the accelerated sales tax program, which requires retailers to remit sales taxes early, total revenue only grew 3 percent through December, trailing the adjusted forecast of 3.4 percent growth.