|State nets $92.4 million surplus for July 2022; sets new record for total severance tax collections|
|CHARLESTON, WV – Gov. Jim Justice announced today that West Virginia’s General Revenue collections for July 2022 of $381.1 million were $92.4 million above estimates and 24.6% ahead of prior year receipts.|
“I know it sounds like a broken record at this point, but now that we have this state’s economic engine going in the right direction, we have a lot of good news to report,” Gov. Justice said.
Coming off a $1.308 billion surplus in Fiscal Year 2022 – the greatest year of revenue collections in state history – West Virginia kicked off Fiscal Year 2023 by setting another all-time record in July, as total severance tax collections for all funds were a state record $90.7 million in July, an increase of nearly 187% over last year.
“What we did this last year was unbelievable – beyond anybody’s wildest dreams. But we’re not slowing down. We’re going to keep the ball rolling this year,” Gov. Justice continued.
Severance Tax collections totaled $54.6 million versus $3.4 million in July of last year, a $51.2 million increase. Collections exceeded estimates by $51.6 million.
Personal Income Tax collections totaled $161.2 million. Collections exceeded estimates by nearly $14.3 million and were 13.7% ahead of prior July receipts.
Corporation Net Income Tax collections of $14.4 million were $10.4 million above estimate and 30.2% ahead of prior July receipts.
Consumer Sales Tax collections of nearly $96.3 million were $10.4 million above estimate and 7.2% ahead of prior July receipts.
Insurance Premium Tax collections exceeded the July estimate by nearly $7.5 million.
“I told you when I walked in the door as Governor that I was going to take you on a rocket ship ride,” Gov. Justice added. “You’re on it right now, and we’re not going to slow down until we flip every rock to help every person we can possibly help.”
Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office