Va. Tax Collections Show Whopping January Uptick - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Va. Tax Collections Show Whopping January Uptick

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RICHMOND, Va. (AP) - Virginia's tax collections for January are almost one-fifth greater than they were for the same month a year ago. Strong income tax collections, a quirk of the calendar and delayed refunds all contributed to the increase.

The $1.8 billion in general fund receipts last month is 19.5 percent greater than the $1.5 billion taken in during January 2012.

Taxes withheld from paychecks increased by 17.5 percent for the month. That accounts for nearly two-thirds of general taxes that fund core services such as schools, police and health care.

Taxes paid by the self-employed and investors jumped nearly 43 percent. That accounts for 15 percent of general taxes.

Last month offered one more deposit day than January 2012.

Refunds declined from $97 million the previous January to $30 million last month.

 

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