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State Revenue Collections Down 21 Percent In May

Virginia’s revenue collections declined nearly 21% in May, making it the biggest one-month decline in 13 years. Collections were down in individual non-witholding income taxes, corporate incomes tax, and the taxes on wills, suits, deed and contracts. And, Governor 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% in May and sales and use taxes were off 1.6%. Govvernor McCauliffe said yesterday total revenue collections to date were down 1.6% through May, behind the annual forecast of one percent growth.