By February 8, 2018 Read More →

West Virginia January tax collections fall slightly short, but optimism remains

By PHIL KABLER

Charleston Gazette-Mail

Secretary Dave Hardy

CHARLESTON, W.Va. — While a plunge in natural gas prices last fall and an unusually high round of corporate net tax refunds caused January tax collections to miss estimates by $28.2 million, state Revenue Secretary Dave Hardy said Wednesday he remains “cautiously optimistic” about the state’s economic recovery.

“For the fourth month in a row, we are at 99 percent or 99 percent-plus of our projected revenues,” he said of year-to-date collections of $2.36 billion, which is $25.5 million or 1 percent below estimates.

With five months remaining in the 2017-18 budget year, he said year-to-date collections are $97.85 million, or 4 percent, ahead of the same point last year.

“The governor has told us repeatedly we should be cautious, and cautiously optimistic,” Hardy said.

During town hall meetings with teachers in Logan and Lewisburg Tuesday, Gov. Jim Justice said he doesn’t believe it would be prudent to increase proposed 1 percent pay raises for teachers, school service personnel and state employees until there is certainty the economy is on the upturn.

Read the entire article: https://www.wvgazettemail.com/news/legislative_session/wv-s-january-tax-collections-fall-slightly-short-but-optimism/article_66c3ecc9-5ee9-5c39-8216-d11351922932.html

See more from the Charleston Gazette-Mail

Posted in: Latest News, News

Comments are closed.