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West Virginia Revenue Chief: Energy Revenues Down
By: Associated Press
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CHARLESTON, W.Va. (AP) – The West Virginia Department of Revenue says low energy prices and severance tax collections are taking a bite out state revenue collections.
As of Oct. 30, the state’s cumulative general revenue collections were more than $91 million behind estimates. Despite that, revenue cabinet Secretary Robert S. Kiss said most revenue sources either met or topped estimates last month.
Kiss said several factors influenced the October numbers. For one, annual oil and gas distributions occurred last month. Four counties – Doddridge, Harrison, Wetzel and Marshall – accounted for the bulk of those payments.
Moreover, year-to-date coal severance tax collections are down by more than 41 percent, while natural gas severance tax collections were down by 35 percent. Meantime, oil collections were down 59 percent.