Virginia Revenue Collections Way Down, But Still Not As Bad As First Predicted
Revenue collection figures for the month of May in Virginia were not good, but not as bad as predicted. The General Fund collections were down twenty point six percent for May, that’s slightly better than anticipated. States are receiving the numbers which show total revenue collections have declined by one point two percent, trailing the annual forecast of three point one percent growth. Officials say to attain the current official revenue forecast, June collections must be three point three billion dollars, compared with two point four billion collected in June of last year. The report shows a broad based decrease in the number of firms paying taxes due to business closures related to the COVID-19 pandemic.