State tax revenues fall further behind in February
CHARLESTON, W.Va. -- West Virginia state government tax revenues have again missed their monthly target, this time by nearly $27 million.
Officials had expected more than $227 million from general taxes in February. After a poor showing in January, general revenues are down for the budget year by nearly $35 million.
That's about 1.3 percent below the estimate for this point since the budget year began July 1. The state has collected $2.5 billion so far, and is counting on a total of $4.1 billion by June 30.
All major revenue sources fell below their February projections, including the taxes on sales and personal and corporate net income. Those are all indicators of state economic activity.
Severance taxes on such extracted natural resources as coal were also down, reflecting continuing mining sector weakness.