Blog Posts > State Tax Collections Continue to Top Projections in November
December 2, 2020

State Tax Collections Continue to Top Projections in November

Charleston Gazette-Mail, Huntington Herald-Dispatch – State tax collections in November continued to top expectations, likely as federal pandemic stimulus funding continues to churn the state economy. Read the full article.

Justice and Revenue Secretary Dave Hardy have downplayed the impact of the infusion of more than $3 billion of federal pandemic stimulus funds into the state as being a significant factor in strong state tax collections.

A study released last month by Pew Charitable Trusts showed that those stimulus funds caused personal income in West Virginia to jump 14.4% in the second quarter of 2020 — the sixth-highest spike in the U.S., and well above the national average of a 9.7% increase.

“The spike in government assistance was the main reason that the sum of residents’ personal income soared in every state in the second quarter of 2020, despite a record-setting drop in U.S. economic activity due to the pandemic,” the Pew report noted.

The Institute on Taxation and Economy Policy found that $1,200 federal stimulus checks sent out early in the pandemic amounted to a $1.87 billion cash infusion into the state economy, while the West Virginia Center for Budget and Policy concluded the $600-per-week of supplemental unemployment benefits under the federal CARES Act brought another $426 million into the state.

Donate Today!
Icon with two hands to donate today.
Donate

Help Us Make West Virginia a Better Place to Live

Subscribe Today!
Icon to subscribe.
Subscribe

Follow Our Newsletter to Stay Up to Date on Our Progress

Thanks for reading our post 🙂

We have a great newsletter, join below:

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: West Virginia Center on Budget and Policy, 8 Capitol Street, Charleston, WV, 25301. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact