Virginia Posts $129 Million Surplus

More income tax collected than expected

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    NEWSLETTERS

    AP

    Virginia's government finished the 2012 fiscal year last month collecting about $129 million more in revenue than the official forecast on which the budget was based.

    Gov. Bob McDonnell will discuss the final revenue report later Tuesday.

    In an Associated Press interview, Finance Secretary Ric Brown said revenues for the 12 months ending June 30 increased by 5.4 percent over the previous fiscal year, ahead of forecast growth of 4.5 percent.

    Individual withholding, the tax most people pay on their wages, finished about $33.7 million ahead of expectations. Sales tax collections added $55 million to the surplus, and corporate income taxes were $32 million better than expected.

    Nonwithholding income taxes collected on dividends and by the self-employed were down slightly, but the state paid out less in refunds.