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>>

  • Judge Won't Reconsider Nixing of Political Balance on Courts

    Judge Won't Reconsider Nixing of Political Balance on Courts

    May 23, 2018 10:44 PM2018-05-24 02:44:00 GMT
    Wednesday, May 23 2018 10:44 PM EDT2018-05-24 02:44:51 GMT
    A federal judge has rejected Democratic Gov. John Carney's request to reconsider her ruling invalidating a state mandate for political balance on Delaware's courts.More
    A federal judge has rejected Democratic Gov. John Carney's request to reconsider her ruling invalidating a state mandate for political balance on Delaware's courts.More
  • Small Town Shopping Award

    Small Town Shopping Award

    May 23, 2018 10:40 PM2018-05-24 02:40:00 GMT
    Wednesday, May 23 2018 10:40 PM EDT2018-05-24 02:40:01 GMT
    Berlin and Lewes were named one of the best small towns of shopping by USA Today readers.More
    Berlin and Lewes were named one of the best small towns of shopping by USA Today readers. More
  • Boardwalk Barriers Installed in Ocean City

    Boardwalk Barriers Installed in Ocean City

    May 23, 2018 10:36 PM2018-05-24 02:36:00 GMT
    Wednesday, May 23 2018 10:36 PM EDT2018-05-24 02:36:29 GMT
    OCEAN CITY, Md--In Worcester County, Ocean City officials are beefing up security this summer by installing new boardwalk barriers. "We're installing barriers to prevent vehicles from accessing the boardwalk, we want to make sure that we are better safe tMore
    OCEAN CITY, Md--In Worcester County, Ocean City officials are beefing up security this summer by installing new boardwalk barriers. "We're installing barriers to prevent vehicles from accessing the boardwalk, we want to make sure that we are better safe tMore
  • Most Popular VideosMost Popular VideosMore>>

  • 3 Arrests Made in Major Eastern Shore Drug Bust

    3 Arrests Made in Major Eastern Shore Drug Bust

    Several law enforcement agencies cracked down on an illegal drug operation involving thousands of dollars in drug money that lasted almost three years throughout the Eastern Shore of Maryland, according to Dorchester County Sheriff James Phillips.

    More

    Several law enforcement agencies cracked down on an illegal drug operation involving thousands of dollars in drug money that lasted almost three years throughout the Eastern Shore of Maryland, according to Dorchester County Sheriff James Phillips.

    More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices