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January tax collections exceeded expectations

Local - 2/4/2014 8:00 AM by Nadine Grimley
CHARLESTON - For the first time this fiscal year, state tax collections exceeded monthly projections. 

Deputy Revenue Secretary Mark Muchow said that despite the surplus of $8.4 million last month, collections through the first seven months of the fiscal year were $73 million less than anticipated. 

Collections for January totaled $391.7 million. Muchow said that included $15 million in taxes that were due December 31, 2013, and were posted as January revenue.  Personal income tax collections were about $2.2 million ahead of January's projections, while sales taxes were $2.3 million below expectations.  

Overall, yearly collections were down 1.1% compared with this time last year. 

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