Tag: Deputy Revenue Secretary Mark Muchow

Tax Collections Below Estimates for March

  West Virginia’s Secretary of Revenue Bob Kiss says there were few surprises for the state when it comes to tax collections in March, but not a lot of good news.

March 2016 saw no growth in personal income tax or sales tax revenue collections compared to March 2015. Severance tax collections were also down close to 40 percent compared to the same month in the previous year.

Total tax collections for March came in at just over $300 million, down about 11 percent from 2015. Deputy Revenue Secretary Mark Muchow says that’s about $28.6 million below the estimate for the month, and year to date, collections were nearly $150 million below estimates.

Muchow says the biggest deficit for March was the insurance premium tax, and the bright spot was the sales tax — where collections were 9 percent above prior year receipts, about $100,000 above estimates.

W.Va. Revenue Collections Improve in August

  West Virginia’s revenue collections improved in August as several taxes beat estimates.

State figures released Wednesday show revenue collections topped $292 million in August. That’s up more than $16 million compared to August 2013.

Severance tax collections totaled $36.6 million and exceeded August estimates by about $4 million. Deputy Revenue Secretary Mark Muchow says a boom in natural gas production continues to offset coal production declines.

The state collected about $4.5 million in corporate net tax revenue, nearly 70 percent above estimates.

Overall, August tax collections missed estimates by about $1.3 million.

Governor Not Calling for Additional Budget Cuts

Gov. Tomblin is telling state agencies to keep their budgets on par with this year’s spending plans.

The Charleston Daily Mail reports Revenue Secretary Bob Kiss last week sent instructions to agency heads on submitting 2016 budget requests. The 2015 fiscal year started in July.

After two years of 7.5 percent reductions, Kiss’ correspondence said additional funding would be considered only in rare cases.

Last week, the Department of Revenue announced general revenue fell $17.4 million short in July.

The shortfall was partly due to one-time revenue transfers carried over from June. Deputy Revenue Secretary Mark Muchow also pointed to sluggish sales and personal income tax growth as problematic. 

W.Va. Revenue Collections Not Meeting Projections

The West Virginia Department of Revenue says revenue collections are more than 17 million dollars below projections in the first month of the new budget year.

The Charleston Gazette reports a variety of taxes came in below estimates in July causing the shortfall. The two biggest sources of tax revenue, consumer sales tax and personal income taxes, both came in below estimates.

Sales tax collections were about one and a half million dollars below estimates, while income tax collections were about 11 million dollars less than projected.

Deputy Revenue Secretary Mark Muchow says the state’s economy needs to grow by about 4 percent in order to balance the state budget by the end of the fiscal year.

W.Va. Closes Budget Gap Without Extra Steps

State officials say West Virginia closed a gap in the budget and ended the fiscal year in the black.

The state started June with a $57 million gap in revenue collections.

Deputy Revenue Secretary Mark Muchow and Gov. Earl Ray Tomblin’s spokesman, Chris Stadelman, told the Charleston Daily Mail  the state ended the fiscal year on Monday with a balanced budget.
 
Stadelman said additional steps weren’t necessary to close the gap. He and Muchow didn’t provide details.
 
Muchow also says it’s the first time in recent years that no new tax laws take effect on July 1.
 

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