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Gov. Justice announces yearly revenue collections $286.2 million ahead of estimate

CHARLESTON, WV — 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.

For more detailed information, you can access the monthly revenue and cash flow reports from the West Virginia State Budget Office by clicking here.