‘Plenty of Money’ for Tax Relief, Youngkin Says

2023 State Revenues Still Running Ahead of Projections

News Release | Office of Governor Youngkin

Governor Glenn Youngkin announced the general fund revenue collections for March 2023 unadjusted for policy or timing impacts, fell by 3.8 percent compared to March 2022 mainly due to higher refund issuance. On a fiscal year-to-date basis, revenues are 0.6 percent higher than the same period last year. Relative to the official forecast updated in December, unadjusted general fund revenues are ahead of forecast by $124.2 million year-to-date. 

“March’s revenue numbers, once again, demonstrate there’s plenty of money available to lower costs for families and local businesses. We can also fund those most critical investments in education, safer communities and transforming the way behavioral health care is delivered for Virginians,” said Governor Glenn Youngkin. “We remain in an and moment, not an or moment on tax cuts and key investments in the Commonwealth. The silent thief of inflation continues to steal the hard-earned paychecks of Virginia families and I encourage Senate Democrats to come together with House Republican leaders and let’s deliver for Virginians together. 

“The modest year-over-year decline in net revenues was anticipated in our December forecast,” said Secretary of Finance Stephen Cummings. “Overall general fund revenue collections continue to exceed projections, adding to our confidence in our estimate of $3.6 billion in available funds to implement of the Governor’s proposed policy initiatives.” 

March marks the beginning of the tax processing season which peaks from mid-April to early May. The forecast projects an overall decline in total tax due payments primarily due to last year’s decline in equity markets and the increase in the standard deduction. Through March, individual income non-withholding collections, which includes final tax payments, are well above projections, up 2.5 percent year-over-year after adjusting for policy changes. 

The full March 2023 revenue report is available here.

Glenn Youngkin is the 74th Governor of Virginia. Follow him on Twitter: @GovernorVA.

Share This Article:

Newsletter Signup

Sign up to be the first to receive news and events from Fairfax GOP!
Electing Republicans At Every Level


Powered by VOTEGTR

Early Voting is On!

Make a plan to vote!
Get your custom sample ballot and local precinct polling info here:
No thanks. Take me back to the Fairfax GOP home page.

2024 U.S. Senate & Congressional Primary

GOP Primary Election Day is Tuesday, June 18

Election Calendar

  • Early voting opens 5/3
  • 5/28 – Deadline to register to vote (otherwise, same-day registration with provisional ballot)
  • 6/7 – Deadline to apply for an absentee ballot​
  • 6/8 - One of two Saturdays open for early voting, and additional early voting locations open.
  • Early Voting ends 6/15
  • 6/18 – Election Day

We need you on our team in '24.

Get active in the effort to take back Fairfax County from the progressives hellbent on raising taxes, coddling criminals, and socializing public schools.
First things first. Are you receiving info about local GOP events and elections?

No problem. We can fix that right now.

Thanks. We won’t overload your inbox, but we will keep you in the loop on important Fairfax GOP info and events.

Do you want to recieve news of events via text msg?
By providing your phone number, you are consenting to receive recurring calls and SMS/MMS campaign and donation messages, including autodialed and automated calls and texts to that number from the Fairfax County Republican Committee. Msg & data rates may apply. You agree to the Terms of Service and Privacy Policy. Text HELP for help and STOP to stop. Msg & data rates may apply.

The Fairfax GOP is recruiting new members who agree we need to draw a line in the sand and take our county back from the progressives.

Would you consider joining the Fairfax GOP as a voting member so you can have your say on committee business, candidates, and policy resolutions?*
No thanks. Take me back to the Fairfax GOP home page.