Virginia’s December 2021 Revenue Up by Nearly 20 Percent

Virginia’s general fund revenues increased close to 20% last month.That’s the fifth-consecutive month for double-digit revenue growth. Officials say it is driven by steady growth in payroll withholding, corporate income tax, and sales taxes. For the fiscal year through December total revenue collections rose just over 14% which is well ahead of the annual forecast of 4.2 % growth. December is significant for corporate income tax collections as quarterly estimated payments are due and refunds from extension returns are processed.