Virginia February Revenue Report Positive Sign For Commonwealth’s Economy

Virginia Governor Ralph Northam on Thursday said the latest revenue report for February 2021 is another positive sign for the Virginia economy. General Fund Revenue collections increased more than 28 percent from previous year and fiscal year to date collections are up eight percent, largely due to timing of tax processing season and solid gains in individual withholding, sales, and recordation taxes. Secretary of Finance Aubrey Layne says the key to the general fund revenue forecast will be the fourth quarter,as individual income tax final payments are due on May 1st.