W.Va. sports slight surplus 6 mos into budget year
CHARLESTON, W.Va. (AP) — West Virginia state government revenues remain stable halfway through its budget year.
December’s general tax collections hit $363 million, outperforming the month’s estimate by close to $2 million. That’s the fourth consecutive month of better-than-expected revenues.
The state has projected that revenues will total $4.1 billion this budget year. It has collected $1.9 billion since July 1, or $3.7 million ahead for the budget year.
Both personal and corporate net income tax revenues are beating estimates and are stronger than they were at this point in 2012.
The severance tax on extracted natural resources also brought in more than expected last month. But it’s down for the year by nearly 9 percent, or $19 million. Officials hope that December’s figure is a sign that coal production is stabilizing.
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