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WV revenue collections set first quarter records

October 1st, 2020 by WCBC Radio

West Virginia's revenue collections exceeded estimates by more than $10 million in September, according to the Justice administration. The overall $423.6 million collected included nearly $194 million in Personal Income Taxes and $129.3 million in Consumers Sales Tax.  During a media briefing Thursday, State Revenue Secretary Dave Hardy said the three-month, first quarter, total of those taxes was record-breaking. The two taxes make up approximately 75% of the state’s revenues.

West Virginia is now $90 million ahead of estimates for the fiscal year, with an excess cash flow of nearly $298 million.