image description

Gov. Justice announces FY 2024 revenue collections $458 million ahead of estimate

February 4th, 2024 by WCBC Radio

Gov. Justice announced that West Virginia’s General Revenue collections for January 2024, the seventh month of Fiscal Year 2024, came in at $531 million, which is $52.3 million above the official estimate. Cumulative collections for Fiscal Year 2024 of more than $3.297 billion stand at $458.7 million ahead of the cumulative estimate.

"West Virginia's economy continues to defy expectations,” Gov.‚Äč Justice said. “Even after historic tax cuts, our January revenue collections shattered estimates by over $50 million, pushing our total surplus to an incredible $458 million. This momentum proves our investments in diversification and responsible budgeting are paying off as we build a brighter future for every West Virginian."

Even after a 21.25% personal income tax cut, the largest tax cut in state history, this month’s cumulative surplus was again led by a strong performance from personal income taxes and interest income collections.