By Steven Allen Adams, The Parkersburg News and Sentinel
CHARLESTON, W.Va. — Tax collections in West Virginia are tacking close to revenue estimates for the first five months of fiscal year 2025 thanks to better collections in November.
According to a monthly report released Monday morning by the state Senate Finance Committee, tax collections for the general revenue fund fiscal year-to-date came in at $2.101 billion, which was .24% more than the $2.096 billion estimate from the Department of Revenue.
November tax collections of $400.5 million were 4.9% above the $381.6 million revenue estimate, providing the state with $18.8 million in surplus collections for the month.
Tax revenues for July through November provided West Virginia more than $5 million in surplus tax collections. But fiscal year-to-date tax collections were 5.1% below tax collections for the same five-month time period in fiscal year 2024, or $112.6 million below collections for the previous fiscal year.
“We are watching West Virginia continue to grow, and we are excited about the future,” said Gov. Jim Justice in a statement Monday evening. “We’ve cut over a billion dollars in taxes. That’s not just for one year. That’s forever. Even with these tax cuts, West Virginia continues to perform well and succeed.”
