Virginia's combined tax revenues down 0.9 percent from Q4 to Q1 2021

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By Old Dominion News

Mar 31, 2021

Virginia collected $7.4 billion combined tax revenues and income taxes during the first quarter of 2021, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

The majority of the state’s tax revenue was collected through property, individual income taxes ($4.1 billion) and general sales and gross receipts taxes ($2.7 billion).

This is a 0.9 percent decrease from the previous quarter when $7.4 billion was reported.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Q1 Virginia Tax Collections