WVPA Sharing

October revenues add to West Virginia tax reform pressure

By Steven Allen Adams, The Intelligencer

CHARLESTON, W.Va. — Another month of tax revenue surpluses leaves West Virginia with more than a half-billion dollars four months into the new fiscal year, while Gov. Jim Justice and state Republican lawmakers fight over how to best use those surpluses to provide tax relief.

According to data released Tuesday morning by the state Senate Finance Committee, West Virginia ended the first four months of fiscal year 2023 — July, August, September, and October — with more than $2 billion in tax collections for the general revenue fund.

That’s 39.8% more than the $1.4 billion estimate set by the state Department of Revenue, leaving the state with $574.8 million in surplus tax revenue. Tax collections for the first one-third of the fiscal year also exceeded tax collections for the same time period in fiscal year 2022 — $1.6 billion — by 28.2%

October tax collections of $492.6 million exceeded the $344.8 million revenue estimate by 42.9% for a $147.8 million surplus for the month. They also exceeded the $381.8 million in tax collections from October 2021 by 29%…

To read more: https://www.theintelligencer.net/news/top-headlines/2022/11/october-revenues-add-to-w-va-tax-reform-pressure/

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