W.Va. tax revenues continue to rebound in October
CHARLESTON, W.Va. -- West Virginia's state budget finances are gradually improving with a second straight month of better-than-expected tax collections.
October's general revenues totaled nearly $346 million, close to $4 million more than expected.
But not counting lottery proceeds, general revenues are $5 million behind since the budget year began July 1.
The state has brought in $1.3 billion so far. It needs $4.1 billion by June 30, 2013.
Revenue officials say the nearly $103 million collected in sales taxes last month suggest an improving economy. That figure beat the October estimate. So did corporate net income taxes.
Severance taxes from coal and other extracted natural resources brought in $7 million more than expected. Officials say that's mostly a carry-over from September.
Personal income taxes were below estimate by nearly $7 million.
CHARLESTON, W.Va. -- West Virginia's state budget finances are gradually improving with a second straight month of better-than-expected tax collections.
October's general revenues totaled nearly $346 million, close to $4 million more than expected.
But not counting lottery proceeds, general revenues are $5 million behind since the budget year began July 1.
The state has brought in $1.3 billion so far. It needs $4.1 billion by June 30, 2013.
Revenue officials say the nearly $103 million collected in sales taxes last month suggest an improving economy. That figure beat the October estimate. So did corporate net income taxes.
Severance taxes from coal and other extracted natural resources brought in $7 million more than expected. Officials say that's mostly a carry-over from September.
Personal income taxes were below estimate by nearly $7 million.
Get Connected