By Phil Kabler, Charleston Gazette-Mail
CHARLESTON, W.Va. — A combination of tax day moving from April to May, and more than $1.2 billion of $1,400 federal stimulus checks churning the state economy helped West Virginia tax collections for May come in $152.24 million above projections.
May tax collections of $491 million topped estimates by 45%, paced by higher-than-expected income tax and consumer sales tax collections.
Gov. Jim Justice touted the revenue surplus for May during his COVID-19 briefing Tuesday, saying, “We should all be so proud of how West Virginia is minding its store.”
Throughout the pandemic, Justice has downplayed the impact of federal stimulus funds on the state economy. However, in a report to the Legislature, Deputy Revenue Secretary Mark Muchow placed that impact at $5.99 billion, and that was prior to passage of the American Rescue Plan in March, which will inject more than $2 billion into the state economy…