February 2nd, 2022 by WCBC Radio
Gov. Jim Justice announced today that revenue collections in West Virginia continue to make history – breaking several all-time state records in January.
West Virginia’s General Revenue collections for January 2022 came in at $573.3 million – a whopping $136.8 million above estimate and 29.4% ahead of prior year receipts.
Seven months through Fiscal Year 2022, year-to-date collections of $3.093 billion are $530.6 million above the YTD estimate; breaking the all-time record for total surplus through the month of January.
The $136.8 million surplus for the month of January is also believed by state revenue officials to be the highest January surplus ever recorded in state history.
“We continue to break all-time record after all-time record,” Gov. Justice said. “You won’t find anybody on the planet who is more proud to announce these incredible surplus numbers to you. And believe me, these numbers didn’t just happen by somebody rolling off the pickle truck. A lot of people put in a whole lot of work to make this vision of having surplus after surplus a reality.”
West Virginia broke three additional state records in January: the highest ever year-to-date amounts collected from Personal Income Tax, Consumer Sales Tax, and Severance Tax.
Personal Income Tax is 12.9% ahead YTD compared to prior year adjusted collections and 22.9% ahead of last January. YTD collections are $181.7 million above estimate, the best performance relative to estimate.
Consumer Sales Tax is 9.7% ahead YTD and 13.6% ahead of last January. YTD collections are $80.4 million above estimate.
Severance is 240% ahead YTD and 182% ahead of last January. YTD collections are $163.9 million above estimate.
Meanwhile, Corporation Net Income Tax is 58.1% ahead YTD compared to prior year adjusted collections. YTD collections are $98.6 million above estimate.
“Our record-setting numbers aren’t just coming from one source. It’s everything,” Gov. Justice continued. “And, absolutely, when you get the snowball rolling down the side of a snow-covered hill – like The Temptations said a long time ago – it gets bigger and bigger, and this snowball includes everything and everybody. So let’s just keep it going, for crying out loud.”
Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office
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