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Revenues from the state’s Sales and Use Tax were $64 million, down 11.7 percent. Hill said the 2 percent tax is collected when new cars are titled in Virginia or when a used car is sold and retitled. “The fact that people are buying less expensive used cars instead of new cars affects this source of revenue because the tax is collected on the purchase price of a vehicle.”
Although fewer people are buying new cars. Hill noted that more people are buying reserved or “vanity” license plates for an extra $10 a year. Revenues from reserved plate fees were $892,890, up 11.5 percent compared to the last fiscal year.
At the end of June, there were 3.7 million motor vehicles registered in the state and 3.4 million drivers holding valid Virginia licenses.
DMV revenues are one of the largest sources of state income, second only to funds collected by the Department of Taxation. Most of DMV's revenues are deposited In the state's Highway Maintenance and Construction Fund.
91.2%