December surplus $120.1 million above estimate
CHARLESTON, W.Va. — Gov. Jim Justice announced that West Virginia’s General Revenue collections for December 2023, the sixth month of Fiscal Year 2024, came in at $553.2 million, which is $120.1 million above the official estimate. Cumulative collections for Fiscal Year 2024 of more than $2.766 billion stand at $406.4 million ahead of the cumulative estimate.
“This is excellent news as we head into the new calendar year but is not a surprise as our economy remains rock solid,” Gov. Justice said. “Surpassing estimates by over $400 million halfway through the fiscal year is a testament to the resilience of our state’s economy. We also continue to prove cutting our income tax was the correct decision, and I am proud that we continue to establish a bright future for West Virginia.”
Even after a 21.25% personal income tax cut, the largest tax cut in state history, this month’s cumulative surplus was led by a strong performance from personal income taxes and corporation net income taxes.
December Personal Income Tax collections of $236.8 million were $70.7 million above estimate. Cumulative Personal Income Tax collections of more than $1.174 billion were $201.4 million above estimate and just 0.3% below prior year receipts even after the 21.25% tax rate cut.
December Corporation Net Income Tax collections of $56.5 million were $16.4 million above estimate. Year-to-date collections of $218.3 million were $109.1 million above estimate and 13% ahead of last year.
December Consumer Sales Tax collections totaled $168.4 million. Collections exceeded prior year receipts by 4.5%. Year-to-date collections of $870.1 million were $21.0 million above estimate and 4.5% ahead of last year.
December Severance Tax collections of $35.8 million were $11.5 million above estimate. Cumulative collections totaled more than $112.1 million.
Year-to-date interest income collections of more than $114.3 million were $91.0 million above the official estimate and nearly 194% ahead of last year.
For more detailed information, you can access the monthly revenue and cash flow reports from the West Virginia State Budget Office by clicking here.
