West Virginia Public Broadcasting – Higher severance tax and sales tax revenues helped offset a slump in personal and corporate income tax revenues in May.
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Higher natural gas prices and increased demand for coal to produce electricity pushed severance tax revenues to $47.5 million in May, a 44% increase over May 2024.
Personal income tax receipts in May fell to $98 million, down 28.5% from the prior year, while corporate income tax receipts also fell. Sales tax revenues increased 4% to $170.8 million.
