February 12, 2014
CHARLESTON, W.Va. (AP) — For the first time this fiscal year, state tax collections in West Virginia have exceeded monthly projections.
Deputy Revenue Secretary Mark Muchow tells media outlets that despite the surplus of $8.4 million in January, collections through the first seven months of the fiscal year are $73 million less than anticipated.
Collections in January totaled $391.7 million. Muchow says that included $15 million in taxes that were due Dec. 31 and were posted as January revenue.
Personal income tax collections were about $2.2 million ahead of January’s projections, while sales taxes were $2.3 million below expectations.
Overall, yearly collections are down 1.1 percent compared with the same time a year ago.