Va. Revenues Decline Nearly 21 Percent in May - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Va. Revenues Decline Nearly 21 Percent in May

Posted: Updated:
(Photo: MGN) (Photo: MGN)

RICHMOND, Va. (AP) - Virginia's revenue collections declined nearly 21 percent in May, marking the biggest one-month decline in 13 years.

Gov. Terry McAuliffe said Thursday that total revenue collections on a year-to-date basis were down 1.6 percent through May, behind the annual forecast of 1 percent growth.

Collections decreased in individual nonwithholding income taxes, the corporate income tax, and the tax on wills, suits, deeds and contracts.

McAuliffe said that like many other states that have income taxes, Virginia is now seeing declining revenues from capital gains.

As for other sources of revenue, officials say collections of payroll withholding taxes fell 5.4 percent in May and sales and use taxes fell 1.6 percent.


  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Gov. O'Malley Says Don't Turn Away Immigrant Kids

    Gov. O'Malley Says Don't Turn Away Immigrant Kids

    Sunday, July 27 2014 6:27 AM EDT2014-07-27 10:27:14 GMT
    Maryland Gov. Martin O'Malley told Nebraska Democrats that the United States shouldn't be turning away children from Central America.More
    Maryland Gov. Martin O'Malley told Nebraska Democrats that the United States shouldn't be turning away children from Central America.More
  • Korean War Vets Honored With Memorial

    Korean War Vets Honored With Memorial

    Sunday, July 27 2014 6:58 PM EDT2014-07-27 22:58:40 GMT
    Sunday marks the 61st anniversary of the end of the Korean War. A memorial in honor of the Korean War Veterans was revealed Sunday in the Veterans Memorial Park in Dover.More
    Sunday marks the 61st anniversary of the end of the Korean War. A memorial in honor of the Korean War Veterans was revealed Sunday in the Veterans Memorial Park in Dover.More
  • Harper Sentenced in Sussex Kidnapping Case

    Harper Sentenced in Sussex Kidnapping Case

    Sunday, July 27 2014 1:47 PM EDT2014-07-27 17:47:57 GMT
    A teen convicted of participating in the kidnapping and carjacking of an 89-year-old woman in Sussex County was sentenced Friday in Delaware Superior Court.More
    A teen convicted of participating in the kidnapping and carjacking of an 89-year-old woman in Sussex County was sentenced Friday in Delaware Superior Court.More
Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service