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BUSINESS
Nov. coal revenues buoy W.Va. tax collections
CHARLESTON — A second straight month of better-than-expected tax collections has narrowed the revenue shortfall threatening West Virginia state government.
General revenues topped $277 million in November, nearly $2.3 million above estimate.
The tax on coal and other extracted resources beat its projection by $20.2 million, or 63 percent. Corporate net income and business franchise collections also did better than expected.
These revenues more than made up for recession-induced slumps in sales, personal income and business and occupation taxes.
October’s general revenues also exceeded estimate. But collections remain $13.7 million behind since the budget year began July 1.
Gov. Joe Manchin still expects to miss the year’s $3.7 billion goal by about $100 million.
