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March tax revenue continues trend of surplus collections for West Virginia

By Steven Allen Adams, The Inter-Mountain

CHARLESTON, W.Va. — With just three months left in the current fiscal year, March tax collections continued a trend of monthly tax collections coming in above estimates.

According to a report released Thursday by the Senate Finance Committee, March tax revenues for the general revenue fund came in at $375.7 million, 7.9 percent above the $348.3 million estimate from the West Virginia Department of Revenue. March revenues came in $27.4 million more than the estimate.

Year-to-date tax collections for fiscal year 2021 of $3.5 billion was 7.3 percent more than the estimated collections of $3.2 billion, giving the state a surplus for the first two-thirds of the fiscal year of $235.4 million. Fiscal year 2021 ends on June 30.

“As of the end of March, the state has collected 76 percent of its total estimated yearly revenue,” the report stated. “At this time, the state should have collected 71 percent of its yearly revenue. This current trend puts the state on track for meeting yearly revenue estimates.”

To read more: https://www.theintermountain.com/news/local-news/2021/04/march-tax-revenue-continues-trend-of-surplus-collections/

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