|State nets $141.8 million surplus for August 2022; sets another new record for total severance tax collections|
|CHARLESTON, WV – Gov. Jim Justice announced today that West Virginia’s General Revenue collections for August 2022 of $507 million were $141.8 million above estimates and 32.2% ahead of prior year receipts.|
“I once again plead with the State Senate to give our hard working West Virginians an immediate and permanent 10% cut of the personal income tax,” Gov Justice said. “These surpluses are the taxpayers’ dollars, and should be returned to them in the most efficient and fastest way possible.
“Proper minding of the state’s finances has led to this incredible opportunity for our taxpayers and the entire state of West Virginia. Without question, the elimination of the personal income tax would drive growth and prosperity to our state for decades to come.
“The House of Delegates stands right with me, but I need you to contact your state senator and ask for their help in delivering my immediate tax break that will put money directly in the pockets of hard working West Virginians who are battling inflation, not in the pockets of large corporations, like other plans that have been proposed.”
Coming off a $1.308 billion surplus in Fiscal Year 2022 – the greatest year of revenue collections in state history – and another all-time record for severance tax collections in July – August saw severance tax collections total another all-time record for the month of $129.2 million compared to $45.9 million in August of last year, an $83.3 million increase.
Year-to-date general revenue fund severance tax collections of $183.8 million were 273% ahead of last year and $157.4 million above estimate.
Personal Income Tax collections totaled $186 million, exceeding the estimate by nearly $15.2 million and prior year receipts by 20.4%. Year-to-date collections totaled $347.2 million, an amount that was $29.4 million above estimate and 17.2% ahead of prior year receipts.
Consumer Sales Tax collections of nearly $150.9 million were $20.1 million above estimate in August and 6.9% ahead of prior August collections. Cumulative collections of nearly $247.2 million are $30.5 million above estimate and 7.0% ahead of last year.