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WVa Misses August Tax Revenue Target By $18M

By: Associated Press
By: Associated Press

Charleston, W.Va. (AP) -- West Virginia state government has hit a small revenue pothole just two months into its budget year.

August saw $245 million from general tax proceeds, or $18 million less than expected.

The budget year began in July with a slightly promising start, when revenues topped projections by just under $1 million.

West Virginia expects to raise $3.78 billion from general revenue by June 30, 2010.

Among the key general revenue sources, only corporate net income and business franchise taxes beat August's estimates.

Those brought in $4.1 million, or twice as much as projected. State officials attribute that to lower than expected refund payments.

Severance taxes on coal and other extracted resources missed their monthly mark by 19 percent, or $5.3 million.

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


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