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Virginia Tax Collections Decline In October

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By Rebecca Blatt

Virginia state tax collections continued a steady decline in October, including revenues that pay for core programs such as public safety and schools. It was the 15th month in a row that general fund receipts declined in Virginia.

Every major source of revenue except for the corporate income tax decreased from last October. Net individual income tax collections were down nearly 14 percent.

The Commonwealth is now four months into the 2010 fiscal year. It is more than 7 percent below what it collected at the same point last year, and well short of the revenue target on which the current state budget is based.

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