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West Virginia starts fiscal year in the black in July

By Steven Allen Adams, The Parkersburg News and Sentinel

CHARLESTON, W.Va. — July tax collections helped West Virginia start fiscal year 2022 ahead, though far below collections for the previous fiscal year when the tax filing dates were moved due to COVID-19.

According to data from the Department of Revenue and the Senate Finance Committee, tax collections for the month of July were $305.8 million, 10.1% ahead of revenue estimates of $277.7 million for the month but 36.8% below last July’s collections of $484 million. That gives the state a $28.1 million surplus.

“We need to watch the store, don’t we? We need to mind the economics of who we are and what is going on within our state,” Justice said Monday during his COVID-19 briefing. “We’ve done that, and we’ve produced surplus after surplus in really trying and difficult times.”

The disparity in revenue collection between July and July 2022 was due to the income tax filing deadline being moved from April 2020 to July 2020 after businesses were shut down in the spring of 2020 to slow the spread of the coronavirus…

To read more: https://www.newsandsentinel.com/news/local-news/2021/08/west-virginia-starts-fiscal-year-in-the-black-in-july/

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