CHARLESTON, WV (LOOTPRESS) – Gov. Jim Justice held an event today at the State Capitol to announce that West Virginia’s General Revenue collections for April 2023 are $319 million above estimates, marking the largest single-month surplus in state history.
Additionally, the state’s Personal Income Tax collections totaled $192.8 million above estimates for April, which is also a new all-time record for a single month.
“This is a historic accomplishment – setting new records for the largest single-month revenue and personal income tax collections in state history,” Gov. Justice said. “I am proud of our state’s financial health, but I am also incredibly proud of the hardworking West Virginians who helped put us in this financial position. It’s an honor to be able to make announcements like this because West Virginia has truly turned bankruptcy into prosperity. All West Virginians should carry with them a sense of pride, because our state is on the move and the envy of the world.”
“When you really look at these numbers, you see a very healthy West Virginia economy with people working and people making higher wages,” Secretary of Revenue Dave Hardy said. “I am proud to be part of the Governor’s leadership team that is making the kind of history that we are making. This is great news for West Virginia, and we are really looking forward to running across that finish line on that final day of the fiscal year.”
The following is a brief summary of the four major components that accounted for 92% of the year-to-date surplus and more than 90% of the year-to-date 14.1% revenue gain:
April Personal Income Tax collections exceeded the monthly estimate by $192.8 million. Record year-to-date collections of more than $2.277 billion were $439.5 million above the official estimate and 9.0% ahead of prior year receipts.
April General Revenue Fund Severance Tax collections totaled nearly $35.6 million. Monthly collections exceeded the official estimate by nearly $17.6 million. Record year-to-date general revenue fund severance tax collections of $822.5 million were 48.1% ahead of last year and $622.5 million above estimate.
Consumer Sales Tax collections of $129.2 million were $18.8 million above estimate in April and 5.3% ahead of prior year collections. Cumulative collections of more than $1.398 billion were $189.6 million above the official estimate and 6.6% ahead of last year.
Corporation Net Income Tax collections totaled nearly $98.0 million in April. Monthly collections were nearly $65.0 million above estimate. Year-to-date collections of $330.8 million were $205.8 million above the official estimate and 17.8% ahead of prior year-to-date collections.