Virginia Tax Collections Fall 6.6 Percent

[Blue_Tires]

RICHMOND, Sept. 15 -- Tax collections in Virginia fell 6.6 percent in August, according to a monthly report released by the state Tuesday.

Revenue continues to plunge, with a 7.3 percent decline for the first two months of the fiscal year that began July 1.

Income tax revenue was down 3.4 percent last month from a year ago, while sales tax collections declined by 5 percent. Recordation taxes dropped 10.5 percent -- an improvement from the start of the year, when they were down four times as much.

Last week, Gov. Timothy M. Kaine (D) announced that he will eliminate 929 jobs, including 593 through layoffs, close three correctional facilities and cut as much as 15 percent in aid to colleges and universities to make up for a $1.5 billion budget shortfall.


http://www.washingtonpost.com/wp-dyn/content/article/2009/09/15/AR2009091502298.html