CHARLESTON, WV (LOOTPRESS) – Gov. Jim Justice announced today that West Virginia’s General Revenue collections for October 2022 of nearly $492.6 million were $147.8 million above estimates and 29% ahead of prior year receipts. Year-to-date record collections of $2.019 billion were $574.8 million above estimate.
“We knocked it out of the park again,” Gov. Justice said. “That’s really, really, really good stuff. We keep churning it out in West Virginia, and you know, the last thing I’m going to do is be ashamed of how good we’re doing. We want to keep on doing good, and we’ll strive with all in us to keep doing good.
“Only thing I would say is just this. I am the business guy who is mindful of running the store the right way. And we know there’s gonna be bumps in the road. Right now, we’re really cooking. We want to keep on cooking. We don’t want to blow our legs off.”
Coming off a $1.308 billion surplus in Fiscal Year 2022 – the greatest year of revenue collections in state history – and all-time records for severance tax collections in July, August, September and October notched total year-to-date severance tax collections to an all-time record of $341.2 million, $281.8 million above estimate. Collections for the first four months of this fiscal year exceeded total severance tax collections for all of Fiscal Year 2021 by more than 24%.
September Personal Income Tax collections totaled $215.1 million. Collections exceeded the estimate by $45.0 million and prior year receipts by 24.8%. Record year-to-date collections of nearly $823.3 million were $120.1 million above estimate and 20.2% ahead of prior year receipts.
Corporation Net Income Tax collections totaled $19.1 million in October. Monthly collections were $14.1 million above estimate and 65.2% ahead of last year. Year-to-date collections of more than $122.0 million were nearly $71.1 million above estimate and 40.5% ahead of prior year-to-date collections.
Consumer Sales Tax collections of nearly $123.5 million were $21.2 million above estimate in October and 8.2% ahead of prior October collections. Cumulative collections of more than $518.3 million were $70.7 million above estimate and 7.1% ahead of last year.