The Register-Herald, Beckley, West Virginia

State News

October 7, 2011

State budget ahead $43 million for year

Associated Press

CHARLESTON — Healthy business activity is keeping West Virginia’s budget ahead of its general tax revenue estimates for the year.

The state collected $417 million last month, or $34 million more than expected. That puts revenues nearly $44 million ahead for the budget year that began July 1.

Taxes paid by corporations and businesses accounted for $23 million of September’s surplus. Officials say employers aren’t relying as heavily as expected on stimulus-related write-offs. The collections also beat the estimate even after a scheduled cut to the business franchise tax.

Other signs of economic activity include revenues from sales, use and personal income taxes. Those together were $13 million above the month’s projections.

West Virginia expects to collect $4 billion from general taxes by June 30. Revenues so far total $1 billion.

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