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West Virginia Tax Receipts Up 4.5 Percent from Last Year
By: Associated Press
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CHARLESTON, W.Va. (AP) – State officials say West Virginia tax collections nearly halfway through this fiscal year are 4.5 percent higher than they were last year and almost match budget projections.
Revenue Secretary Dave Hardy says five-month collections of more than $1.6 billion makes him cautiously optimistic the state’s on track to meet estimates for the year.
Hardy says stronger collections in personal income, consumer sales and corporate net receipts taxes last month partially offset shortfalls elsewhere.
Collections include a 33 percent increase in severance taxes for natural gas, coal and oil above those five months a year ago with rebounds in prices.
However, November’s $31.6 million was 19 percent higher than last year, but nearly $3.5 million below the budget estimate.
Total November collections for the state’s general revenue fund were $298.5 million.