January State Tax Revenues Coming in Strong
8. Virginia Gov. Bob McDonnell said Virginia may collect as much as $152 million more than expected for the current two-year budget because of strong tax collections and lower-than-anticipated refunds to taxpayers. Individual withholding collections through January were up 5.2 percent, ahead of the budget estimate of 3.4 percent, suggesting a rebound in small business hiring and wages.
9. State tax collections in Georgia increased by 8 percent in January, the eighth straight month of growth. For the fiscal year that began July 1, tax collections are also up 8 percent to $9.4 billion."Our state continues its recovery, as many Georgians who have suffered during this downturn return to employment and being paying taxes again," said Gov. Nathan Deal.
10. Minnesota tax collectors did better than expected last month as individual taxpayers withheld and paid more income taxes. Minnesota Management and Budget said that the state collected $137.4 million more than anticipated in January. That's 9.3 percent higher than forecast. The extra cash puts the state $165.5 million ahead of projected revenues seven months into the current fiscal year.