Kingsport Times News Monday, December 22, 2014

Local News Business & Technology

Coal tax revenues down in Wise County

October 5th, 2013 5:31 pm by Stephen Igo

Coal tax revenues down in Wise County

WISE — Low expectations in Wise County’s coal tax revenues may go even lower by the end of the current fiscal year.

Wise County Finance Director David Cox on Thursday confirmed the county’s general fund projections could see an additional decline of up to $2 million in coal severance revenues that are based on tonnage production and market price.

The region’s coal industry has absorbed mine closures and layoffs over the last two years, a result of increasing market share competition from natural gas and federal greenhouse gas emissions policies targeting a major coal market consumer, electricity generating utilities.

Besides projections for a potential additional $2 million less in coal severance revenues for the current fiscal year, Cox said he also budgeted for a decline of $350,000 in the county’s machinery and tools tax related to the coal industry.

Read more in the Sunday print edition of the Times-News or in the expanded electronic edition. 

comments powered by Disqus