West Virginia falls $5M short of August tax collection estimates

(The Center Square) – West Virginia fell more than $5 million shy of general revenue tax collection estimates in August, the second month of the fiscal year.

That put the state $205 million short of estimates for the first two months. The state is around $6.6 million behind its general fund collections for the first two months of last fiscal year.

West Virginia has now collected 14% of his total estimated annual collections of nearly $5.3 billion as it has collected $739 million in total.

Severance tax collections were $13.9 million shy of month estimates. Severance tax is assessed for mining minerals such as coal, oil, natural gas, limestone, and sandstone among others.

Consumer sales and use tax, however, were more than $4 million better than estimated for the month and are now more than $2 million above estimates for the fiscal year.

West Virginia has collected nearly $259 million in sales and use tax for the first two months of the fiscal year.

The state collected $7 million more in sales and use taxes than August 2023 and are more than $6 million ahead from the same point last fiscal year.