Commonwealth Posts 10.6 Percent Revenue Growth in April

The following is a release from the Governors office:

Governor Bob McDonnell announced today that April revenue collections rose 10.6 percent over the same month a year ago. April is a significant month for revenue collections. In addition to regular collections of withholding and sales taxes, final payments for tax year 2011 and the first estimated payment for tax year 2012 were due from corporations on April 17. Also, a large portion of estimated and final payments from individuals, which are due May 1, are typically received in April.  May, however, normally contains the high income tax returns, therefore April and May payments need to be looked at together.

 On a year-to-date basis, total revenue collections have risen 5.9 percent, ahead of the revised annual forecast of 4.6 percent growth. Adjusted for the accelerated sales tax program, state revenues have grown 5.6 percent, ahead of the economic base forecast of 4.7 percent growth.