December 3rd, 2023 by WCBC Radio
Gov. Jim Justice announced today that West Virginia’s General Revenue collections for November 2023, the fifth month of the Fiscal Year 2024, came in at $404.8 million, which is $44.0 million above the official estimate. Cumulative collections for Fiscal Year 2024 of more than $2.213 billion stand at $286.2 million ahead of the cumulative estimate.
"Even as inflation continues to throw us a curveball, our state's fiscal strength is shining through,” Gov. Justice said. “Surpassing cumulative revenue estimates by $286.2 million just 5 months into the fiscal year showcases the strength of our diversified economy. Those that said cutting our personal income tax was a bad idea are being proven wrong month after month, as West Virginians are able to keep more of their hard-earned paychecks in the face of rampant inflation. I’m proud that we’re continuing to steer West Virginia toward a brighter future."
The cumulative surplus was led by a strong performance for personal income taxes and corporation net income taxes.
November Personal Income Tax collections of $140.7 million were $9.3 million above estimate. Cumulative Personal Income Tax collections of $937.5 million were $130.7 million above estimate and just 4.5 percent below prior year receipts even after a 21.25% tax rate cut.
November Corporation Net Income Tax collections of $9.5 million were $6.5 million above estimate. Year-to-date collections of $161.8 million were $92.7 million above estimate and 20.8% ahead of last year.
November Consumer Sales Tax collections totaled $162.0 million. Collections exceeded prior year receipts by 5.7%. Year-to-date collections of $701.7 million were $17.3 million above estimate and 4.5% ahead of last year.
November Severance Tax collections of $41.3 million were $8.9 million above estimate. Cumulative collections totaled nearly $76.3 million.
Year-to-date interest income collections of more than $92.2 million were $72.7 million above the official estimate and 257% ahead of last year.
