West Virginia tax receipts up 4.5 percent from last year

CHARLESTON, W.Va. (WDTV) -- State officials say state tax collections nearly halfway through this fiscal year are 4.5 percent higher than last year, and they almost match budget projections.

Revenue Secretary Dave Hardy said the $1.6 billion collected in five month's makes him "cautiously optimistic" that the state's on track to meet estimates.

He said 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.



 
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