CHARLESTON, W.Va. (WBOY) — West Virginia collected $112.7 million above estimates in November.
That’s according to a press release from Gov. Jim Justice’s Office. The release also said that year-to-date record collections are $687.5 million above estimate.
Justice has used previous months that netted a tax surplus to push for a personal income tax cut, but the cut failed to pass in a special legislative session.
The release said that 94% of the year-to-date surplus and more than 95% of the year-to-date 24.3% revenue gain was due to:
- Last fiscal year’s $1.308 billion surplus.
- Record severance tax collections in the first four months of Fiscal Year 2023, with severance tax collections to an all-time record of $453.6 million, $370.2 million above estimate.
- November Personal Income Tax collections exceeded the estimate by $109.7 million and prior year receipts by 14.9%.
- Corporation Net Income Tax collections totaled $11.8 million, $9.8 million above estimate and 73% ahead of last year.
- Consumer Sales Tax collections of $153.2 million were $15.1 million above the estimate in November and 2.7% ahead of prior November collections.
“We’ve been blessed as a state with these incredible revenue surpluses, and the last thing I’m going to be ashamed of is just how good we’re doing,” Justice said in the release. “West Virginians should be really, really proud because our state is seeing growth and opportunity the likes of which we haven’t seen in history.”