Repost from The Virginia Star.
Virginia’s fiscal year 2022 General Fund revenues finished with a $1.94 billion surplus, after finishing fiscal year 2021 with a $2.6 billion surplus, the largest in Virginia’s history.
“While I am pleased that our additional revenue can be reinvested in Virginia, the Commonwealth’s general fund revenue surplus confirms that Virginians have been overtaxed for way too long,” Governor Glenn Youngkin said in a Thursday evening announcement of the 2022 surplus.
According to preliminary data, total revenue collections are up 16.3 percent on a fiscal year-to-date basis.
“Payroll withholding and sales tax collections, 69 percent of total revenues, and the best indicator of current economic activity in the Commonwealth, finished $193.5 million or 1.0 percent ahead of the forecast,” Youngkin’s release states.
Youngkin said, “As inflation hits another 40-year high, I’m proud that our budget provides almost $4 billion in tax relief to Virginians, the largest tax relief in the Commonwealth’s history. We have a lot of work left to do to recover from the pandemic, but Virginia’s economy is demonstrating promising economic and company growth with major companies such as Boeing, Raytheon, and LEGO moving their headquarters to Virginia.”