Virginia’s tax revenues four months into Fiscal Year 2023 are down 3.1 percent compared to Fiscal Year 2022, although when adjusted for timing and $250 tax rebates sent to Virginians, revenues are up 8.3 percent compared to the previous year, according to a presentation Secretary of Finance Stephen Cummings prepared to share with legislators.
Adjusted for $88 million paid out in October as part of the rebates, Virginia’s October revenues hit a 10.3 percent year-over-year increase, ahead of forecasts.
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