Virginia’s January General Fund revenue numbers are in and on a fiscal year-to-date basis, total revenue collections rose more than 15%, well ahead of the forecasted 4.2% growth.
The combined December and January revenue was up over 18% from the same period last year. December and January are significant months for collections of estimated tax payments. Collections of corporate income taxes were $61.5 million in January, compared with receipts of $49.3 million in January of last year.