State tax revenues rebound in September
CHARLESTON, W.Va. -- West Virginia's monthly tax collections have exceeded their estimate for the first time since the budget year began in July.
September's general revenues topped $400 million, or nearly $12 million more than expected.
Personal income and sales taxes are key state revenue sources. Both beat their projections last month and are ahead for the budget year to date.
Each reflects economic activity, as does the corporate net income tax. It also came in over estimate.
But revenues from coal and other natural resources remain down. Severance taxes missed September's mark by nearly $11 million.
They're also below estimate for the year as coal production slows.
Officials had expected $993 million in general revenue by this point in the budget year. West Virginia has $988 million after weak July and August collections.