Worker’s Comp Fund is Closer to Debt Free

West Virginia had a $3 billion debt in its worker’s compensation fund in 2006, and the state has been making strides ever since. At the end of Fiscal Year 2016, the number had dropped to $51 million. The most recent financial report shows that we have only $29 million debt remaining. Dave Hardy with the Dept. of Revnue says the debt has been reduced with the help of $1.1 billion of severance tax; $881 million of personal income tax; and $122 million of greyhound and thoroughbred purse money. Employers contributed $511 million in surcharges. Plans continue to wipe out the debt completely.