State Tax Revenues in February Top Estimates

State revenue figures show West Virginia’s tax collections for February exceeded estimates by $10 million but still leave the government’s estimated shortfall for the fiscal year at $123 million.

Revenue Secretary Dave Hardy notes the Justice administration has identified unspent funds to use and avoid tapping the state’s rainy day fund.

Deputy Revenue Secretary Mark Muchow says sales, personal income and severance taxes all exceeded February estimates.

He calls the increase in payroll tax withholding by almost 1 percent over February last year, “a slight positive trend.”

He says severance taxes on coal, natural gas and timber represent “the most positive trend so far this year” with $28.8 million collected, about 14 percent above last year.

Natural gas with higher prices accounts for “a good part of that growth.”