|Year-to-date collections exceed $5 billion for first time in state history…with a month left to go|
|CHARLESTON, WV – Gov. Jim Justice announced today that, 11 months through Fiscal Year 2022, year-to-date collections of more than $5.225 billion are a record $1.107 billion above the YTD estimate and 16.3% ahead of last year, breaking the all-time state record for total collections through the month of May.|
This marks the first time in state history that cumulative collections have ever exceeded $5 billion at any point on the calendar, with another month still remaining in this fiscal year.
“I hate to sound like a broken record…but we have ANOTHER broken record!” Gov. Justice said. “Celebrating records never gets old, especially when it comes to our revenue collections.”
West Virginia’s General Revenue collections for May 2022 came in at $113.8 million over estimate.
“When I walked in the door, facing a $500 million budget deficit, there were a lot of naysayers out there who never believed we’d even be able to get the state positive, let alone to the point where we’re breaking record after record, month after month,” Gov. Justice added. “To tell you the truth, I love rubbing those people’s noses in it and I hope every West Virginian does too.
“A lot of people have worked really hard to make these record-breaking announcements possible, and we’ve done it for you. Every West Virginian should be walking around with an incredible sense of pride today. What we’re pulling off right now has never been done before. We are truly on the rocket ship ride that I promised from the beginning.”
May saw additional state records broken for personal income tax collections.
Personal income tax collections totaled $181.7 million. Monthly collections exceeded estimates by roughly $35.5 million. YTD collections of roughly $2.270 billion were a record $430.5 million above estimate and 16.2% ahead of prior year.
Severance tax collections totaled a record $92.7 million. Collections were $62.4 million above estimate and 295.5% ahead of last year. YTD general revenue fund severance tax collections were $358.2 million above estimate and $430.0 million ahead of last year. YTD general revenue fund severance tax collections were 197.3% ahead of last year.
Corporation net income tax collections of $13.8 million were $5.3 million above estimate and 46.2% ahead of last year. YTD CNIT was $159.3 million above estimate and 46.9% ahead of prior year adjusted receipts.
Consumer sales tax receipts of $150.7 million were $24.7 million above estimate. YTD collections were $150.6 million above estimate and 7.4% ahead of prior year.
Insurance premium tax collections were $1.3 million above estimate and 208.9% ahead of prior year. YTD collections of $134.9 million were $9.0 million above estimate and 15.0% above prior year.
Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office