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Low Natural Gas Prices Impacting State Revenues
By: Associated Press
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Low natural gas prices are taking their toll on West Virginia general tax revenues.
State tax collections totaled $316 million in March, or $14 million less than expected.
That dropped general revenues further behind for the budget year that began July 1. The state is $49 million below estimate, or 1.7 percent.
Administration officials now expect the budget year to end at least $60 million in the red.
Last month's results mostly reflect a decline in the biggest revenue source, personal income taxes. Officials say low gas prices are slowing the state's economy. Reduced coal production and jobs continue to play a role as well.
Another major revenue source is the sales tax. That's been hurt by the federal payroll tax increase and the cut to the so-called food tax.