WVa Nearing Economic Bottom, Lawmakers Told

By: Associated Press
By: Associated Press

Charleston, W.Va. (AP) -- Despite some promising signs, West Virginia budget officials expect the recession to continue to hurt the state's economy for at least another year.

Lawmakers holding monthly interim study meetings learned that key revenue sources remain volatile.

Those include taxes on corporate net income and coal and other extracted natural resources. The tax on property transfers also signals a weak economy.

But Manchin administration officials cite other indicators to predict that West Virginia will hit economic bottom within the next four months.

General tax revenues must total at least $283.8 million this month for the state to end its budget year balanced june 30.

That's $11.7 million more than projected, the year's revenue estimate totals $3.9 billion.

(Copyright 2009 By The Associated Press. All Rights Reserved.)

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