West Virginia Secretary: tax revenues better than expected
Reports surplus for beginning of 2021 budget year
PARKERSBURG, W.Va (WTAP) - West Virginia officially finished the fiscal year ending June 30 with a budget surplus of $28 million.
That’s according to numbers announced Monday by the state’s revenue cabinet secretary, David Hardy.
Hardy said the surplus was due not only to the availability of federal money, but to early state income tax payments and higher than expected June collections in consumer sales taxes.
Some taxpayers, Hardy said, paid their annual state income taxes ahead of deadline. West Virginia moved its filing deadline for 2019 state income taxes from April 15 to July 15 after the Internal Revenue Service made a similar move regarding federal taxes.
And so far, Hardy says, there’s a $243 million surplus for the first month of the current budget year, beginning July 1.
”And again, that’s about $200 million in deferred income tax revenue that we did not commit-we got through fiscal year (2020) without using that money-plus about $44 million above our July estimate.”
By law, half of the annual surplus has to go into the state’s rainy day fund.
Secretary Hardy says, while it’s difficult to determine the exact impact, people spending federal stimulus checks could have had an impact on the consumer sales tax numbers.
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