The department said West Virginia will experience falling coal severance and corporate tax collections after they reach a peak this coming financial year.
According to a report released by the department in conjunction with WV Governor Joe Manchin’s six-year financial plan, severance tax collections will have peaked at around $US325 million this year before falling below $300 million by 2010, the Charleston Daily Mail reported.
Deputy Revenue Secretary Mark Muchow attributed the revenue fall to sliding energy prices which are currently being impacted by mild winters and supply exceeding demand.
