Tax Day collections erase WV revenue deficit - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Tax Day collections erase WV revenue deficit

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    Monday, August 25 2014 4:00 PM EDT2014-08-25 20:00:48 GMT
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.
    A tractor trailer is blocking part of Route 2. The road is closed until further notice. Drivers heading in both direction are being asked to use the Big Ben Bowen Highway connector by Target to get around.

CHARLESTON. (AP) — West Virginia general revenues have rebounded, thanks to last month's deadline for income taxes.

April saw state government collect nearly $565 million. Officials were expecting $511 million.

The results erased a $49 million revenue deficit for the budget year. With that year ending June 30, the state began this month nearly $5 million ahead of estimate.

Personal income taxes account for April's robust collections. Other key revenue sources were flat or below projection.

Those include severance taxes on coal, natural gas and other extracted resources. Those were down slightly for the month. Officials say the state's energy sector has stabilized after months of declining coal production and falling natural gas prices.

But officials also still fear that tax revenues will miss the mark in both May and June.

 

Copyright 2013 The Associated Press