CHARLESTON, W.Va. — November proved to be another strong month for revenue collections for the State of West Virginia.
State Revenue Secretary Eric Nelson on Monday released the figures from the month showing collections at $443 million which was $29 million ahead of estimates. Fiscal year-to-date has seen the state collect $2.2 billion which is $130 million ahead of estimates.
“We were led again, and it’s been consistent in prior months, by personal income tax and consumer sales tax collections which are both up over estimate,” said Nelson in an appearance on MetroNews “Talkline.”
Personal income taxes during the month were up over the prior November by 12 percent and the consumer sales tax collection topped last November by 11 percent.
“That says a lot for what’s going on in the economy. Maybe not all areas of the state, but when you look at the northern and eastern panhandles significant growth is going on and we expect some of that to continue,” said Nelson.
Despite the optimism, Nelson said there is always room for improvement and caution. He said a lot of states like to matchup up their state tax policy to federal tax policy. Therefore the federal cuts to corporate net income taxes would be mirrored by the state. But some states have broken out of that mold. Pennsylvania is the most recent to refuse to meet the federal tax guidelines. Nelson said West Virginia, for now, appears to be content to keep the state and federal tax policies connected.