Virginia’s tax revenues continue to strengthen.
The additional data means total revenues and transfers for fiscal year 2021 will be revised upwards by an additional $410.1 million. Fiscal year 2022 total revenues and transfers will be revised upward by an additional $320.1 million. In total, the Commonwealth expects an additional $730.2 million over the forecast from December 2020.
The revenue analysis was completed after the Commonwealth’s books closed on February 8, 2021. January’s monthly revenue report provided additional data on retail sales tax collections for the holiday shopping season as well as individual estimated payments, corporate income tax, and the recordation tax.