West Virginia surpasses one billion surplus for fiscal year 2023

CHARLESTON, WV – Gov. Jim Justice announced today that West Virginia’s General Revenue collections for February 2023 are $111.8 million above estimates and 5.7% ahead of prior year receipts. Year-to-date record collections are $1.1 billion above estimate. The following is a brief summary of the four major components that accounted for 91% of the year-to-date surplus and more than 92% of the year-to-date 17.4% revenue gain.February General Revenue Fund Severance Tax collections totaled nearly $71.0. Monthly collections exceeded the official estimate by nearly $43.0 million. Record year-to-date general revenue fund severance tax collections of $702.2 million were 68.6% ahead of last year and $540.8 million above estimate.  February Personal Income Tax collections totaled $122.0 million. Collections exceeded the monthly estimate by $16.9 million and prior year receipts by 11.0%.Consumer Sales Tax collections of $143.2 million were $26.6 million above estimate in February and 13.7% ahead of prior February collections. Year-to-date collections of more than $1.129 billion were $148.3 million above the official estimate and 6.3% ahead of last year.Corporation Net Income Tax collections totaled nearly $3.0 million in February. Monthly collections were nearly $2.0 million above estimate. Year-to-date collections of $214.4 million were $125.4 million above the official estimate and 15.6% ahead of prior year-to-date collections.Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office.