Tax Collections Increase so far this Fiscal Year

West Virginia tax officials say collections of nearly $560 million so far this fiscal year are 3.9 percent higher than last year, though August receipts of almost $307 million were lower than budget estimates. Treasury Secretary Dave Hardy says the boost in collections is good news for the state two months into its new year. He says severance taxes from production of coal, natural gas and oil are up 8 percent from the same two months last year, though lower than estimated in August. That’s attributed to a drop in natural gas prices, which are expected to rebound with cooler weather. The West Virginia road fund’s $69.2 million collected was higher than the estimate and last August’s receipts from legislated increases in registration fees and gas taxes.