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West Virginia tax revenue surplus nears $1 billion as tax cut deal remains elusive

By Steven Allen Adams, The Journal

CHARLESTON, W.Va. — West Virginia tax collections for January have taken the state’s tax revenue surplus just short of $1 billion.

Now, Gov. Jim Justice and the Republican majorities in the Legislature must figure out how to return some of it to taxpayers.

According to a monthly report from the state Senate Finance Committee, January tax collections of $621.1 million were 35% more than the $461.9 million estimate set by the state Department of Revenue, resulting in $162.2 million in excess tax revenue.

Year-to-date tax collections for the current fiscal year 2023, beginning July 2022 through January, were $3.676 billion, 37% more than the $2.681 billion revenue estimate, resulting in $995.3 million in surplus tax revenue with just five months left in the fiscal year…

To read more: https://www.journal-news.net/journal-news/w-va-tax-revenue-surplus-nears-1-billion-as-tax-cut-deal-remains-elusive/article_c096a5cb-8ea4-5c5a-bdb7-316d77b30629.html

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