RICHMOND, Virginia — Virginia general revenue increased last month by 20.5 percent over May 2012 in one of the year's most significant tax collection months.
A report to Gov. Bob McDonnell says that puts Virginia ahead of its budgeted forecast 11 months through its fiscal year.
Virginia needs to collect $1.7 billion in June to meet its budgeted general revenue target of $16.4 billion and finish the budget year with its balance sheet in the black. It collected $1.9 billion last year.
The May increase was thanks largely to a surge in "nonwithholding" income tax collections, or estimated income tax payments paid largely by the self-employed and on dividends.
Officials say sales and use tax collections grew 2.7 percent for the month while individual income tax withholding fell 1.8 percent.
