Cumberland Times-News

Local News

December 3, 2012

West Virginia tax revenues back in black for budget year

Associated Press

CHARLESTON, W.Va. (AP) — West Virginia general tax revenues are no longer behind this budget year.

November brought in $266 million, or nearly $3 million more than projected for the month.

That brings state tax collections around $2 million ahead of estimate for the budget year that began July 1.

November’s revenues provide mixed signs for West Virginia’s economy.

Natural resource severance taxes missed their monthly estimate for the fourth time since June. Declining coal production and low natural gas prices have them down $20 million year-to-date.

The two main business taxes were down by less than $90,000 but are well above last year’s pace.

Personal income taxes yielded $7.6 million above the $97 million expected.

Sales taxes also barely missed November’s target. But they’re ahead for the year with around $500 million collected.

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