By Steven Allen Adams for The Intelligencer
CHARLESTON, W.Va. — October tax collections for West Virginia’s general revenue budget for the current fiscal year came in nearly four percentage points below estimates for the month, but year-to-date collections only remain barely one point below expectations.
According to the monthly tax revenue report released Friday by the Senate Finance Committee, October tax collections of $393.6 million came in 3.67% below the $408.6 million tax revenue estimate set by the state Department of Revenue. Revenues for the month came in $15 million less than expected, though October tax revenues came in nearly 1% better than the $390.8 million collected in October 2023.
Year-to-date tax collections for the first four months of fiscal year 2025 that began in July came in at $1.70 billion, which was only .081% below the $1.71 billion revenue estimate, or $13.8 million below estimates.
Fiscal year-to-date collections also underperformed collections by 5.99%, or $108.3 million, compared to the first four months of fiscal year 2024 last year, which came in at $1.81 billion.
All but one of the state’s major tax revenue streams came in below estimates for the month. Personal income tax collections for October of $168.5 million were 8.86% below the $184.9 million estimate. Fiscal year-to-date personal income tax collections of $701.9 million were 4.55% below estimates of $735.4 million.
