EYEWITNESS LOCAL NEWSWV Tax Revenues Continue Decline
from Eyewitness News Online
Reported by: Associated Press
Web Producer: Bethany Simmons
Reported: Oct. 2, 2013 8:40 AM EDT
Charleston , Kanawha County , West Virginia
State tax collections in the fiscal year's first quarter are more than $34 million below estimates.
Figures from the State Budget Office show that tax collections declined for the fifth consecutive month in September. September's tax collections were about $2 million below estimates.
Deputy Revenue Secretary Mark Muchow tells the Charleston Daily Mail that the decline is due to sluggish wages and consumer spending.
First-quarter personal income tax collections are down 4.6 percent from the previous fiscal year. Sales tax collections since July are down about $943,000.
Muchow says the state will need revenue growth of at least 2.8 percent over the next nine months to avoid a deficit.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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