West Virginia tax collections up 8.1 percent in February
CHARLESTON, W.Va. (AP) — West Virginia tax authorities say February collections were 8.1 percent higher than the same month last year and $8 million above their budget estimate.
For the first eight months of the fiscal year, general fund taxes total $2.6 billion or about $17.5 million lower than projections.
Revenue Secretary Dave Hardy says the state is experiencing a 4.7 percent growth rate, compared with an average of 1.3 percent last year.
For February, the $272.2 million in collections includes $86.3 million from personal income taxes, 12.2 percent higher than last year.
For the eight months, they are nearly $1.2 billion or 5.9 percent higher than the year before.
Severance taxes on coal, oil and natural gas of $36.1 million in February are 25.4 percent higher than in 2017 and exceeded the budget estimate.