RICHMOND, VA. - Virginia's general tax collections dipped slightly in August thanks to a routine drop in collections of individual income taxes withheld from salaries and paychecks.
August's 4.8 percent drop comes after a 13 percent surge in July. But it evens the state's total fiscal picture two months into the fiscal year to a normal year-to-date growth rate of 3 percent. That's ahead of the 1.5 percent annual growth target on which budgeted state spending for the current fiscal year is based.
Allowing for tax policy changes that took effect July 1, however, year-to-date revenues would be 3.6 percent ahead of the same point last year.
The 5.5 percent drop in income tax withholding payments resulted primarily from having one less deposit day this August than in August of 2012.
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