February 4th, 2024 by WCBC Radio
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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. 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.
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