Tax Day Collections Erase State Revenue Deficit
Written by Your 5News Team
Created on May 01, 2013 @ 3:52PM
CHARLESTON, W.Va. (AP) - West Virginia general revenues have rebounded, thanks to last month's deadline for income taxes.
April saw state government collect nearly $565 million. Officials were expecting $511 million.
The results erased a $49 million revenue deficit for the budget year. With that year ending June 30, the state began this month nearly $5 million ahead of estimate.
Personal income taxes account for April's robust collections. Other key revenue sources were flat or below projection.
Those include severance taxes on coal, natural gas and other extracted resources. Those were down slightly for the month. Officials say the state's energy sector has stabilized after months of declining coal production and falling natural gas prices.
But officials also still fear that tax revenues will miss the mark in both May and June.
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