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West Virginia closes out budget year with surplus, thanks to federal stimulus, double tax days

By Phil Kabler, Charleston Gazette-Mail

CHARLESTON, W.Va. — West Virginia closed out the 2020-2021 budget year in the black on Wednesday, a year that featured the infusion of billions of dollars of federal pandemic stimulus funds and an unprecedented two income tax filing deadlines in the same fiscal year.

June overall tax collections of $497.58 million — $25.78 million above estimates — pushed total state revenue collections for the 2020-21 budget year to $4.989 billion, giving the state a year-end budget surplus of $415.34 million.

However, $119 million of that surplus is the result of reducing revenue estimates for the year, projecting that state tax collections would be that much lower compared to 2019-20 revenue projections.

“We’re in great shape in West Virginia,” Gov. Jim Justice said, announcing the revenue figures Thursday…

To read more: https://www.wvgazettemail.com/news/wv-closes-out-budget-year-with-surplus-thanks-to-federal-stimulus-double-tax-days/article_bb66ace2-085a-539a-b1ae-ce0ac0f2e243.html

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