Charlston, W.VA – Acting State Revenue Secretary Larry Pack says that due to a time issue, the state’s revenue collection for individual income tax in February was originally from the number of predicted numbers.
Lary pack
The collections missed some $ 63 million in that category. Pack said that it is associated with last year’s tax deduction and credit passed by the Legislature. He said that one of those credit has to be done with business participation and LLC. Pack said the state thought that most of them are eligible for credit and would get their money back in November or December, but most did in February, which greatly influenced the numbers.
“They went out in the refund in February. In the month of December, we were more than $ 70 million in individual income tax, but in February we are below $ 60 million. This is just a time issue. We are still on track, “Pack said during Friday’s appearance on Metronws” Talkline “.
In February, the collecting collections defeated estimates up to $ 7.4 million, while the collections for consumer sales tax were below estimates of over $ 2 million.
Overall, the state collected $ 283.3 million in tax revenue in February, which fell below $ 30.6 million from estimated. However, the collections through eight months of the financial year are ahead of estimates of $ 428 million.
See explanation of numbers here
Pack said that Justice Administration Projects Revenue Collection would be out of $ 700 million by the end of June.
“West Virginia’s economy is strong. Now we have a diverse economy, so our revenue is not dependent on the depression tax, ”said Pack.
The state has not yet felt the impact of two major employers closing their doors. Around 900 Cleveland Cliffs Workers will lose their jobs, when the tin mill in Wareton in early April will be closed and more than 600 workers are already out of work after the sudden closure of Ellagheni Wood Products last week.
Some prominent MPs have expressed concern about furthering the revenue numbers. Pack said that the village Jim Justice presented a tight budget for the next financial year, with $ 800 million in tax deduction from last year and an additional $ 50 million in the proposed tax deduction for this year to abolish additional income taxes.
“We are still very confident in the Governor’s budget that we proposed. We are very confident in estimates. We are very confident in estimates, ”said Pack.
Source
Disclaimer: The use of videoreddit.edu.vn and the content generated on this website is at your risk. The platform is not responsible for the use that users can do of the material presented here. Although we make every effort to ensure that the information provided is accurate and appropriate, we do not guarantee the accuracy, perfection or relevance of the material.
The website is not responsible for any damage, damage or damage that may arise from the use of this site, which is involved, but is not limited to direct, indirect, casual, resulting or punitive loss. Users are responsible for their own functions and compliance with all applicable laws and regulations.
In addition, videoredit.edu.vn is not responsible for the opinion expressed by user-related materials or users. We reserve the right to remove any material that we violate our policies or applied laws without prior notice.