CHARLESTON, WV (LOOTPRESS) – The West Virginia Department of Revenue reported strong numbers for the month of November, with a $28.5 million surplus and collections up 10.5% from the previous year.
“I’m encouraged by the growth trends in recent months that contribute to our FY 2026 surplus,” said Governor Morrisey. “West Virginia will continue making fiscally conservative decisions to capitalize on this growth and prepare for any budget challenges ahead.”
November General Revenue Fund collections of $442.4 million were $28.5 million above the nearly $414 million monthly estimate and 10.5% above prior November receipts. Cumulative collections of $2.231 billion were $131.3 million above the year-to-date estimate of nearly $2.1 billion and 6.2% ahead of prior year collections.
Personal Income Tax collections totaled $171.0 million in November which were $26.5 million above estimate. Led by wage withholding tax growth of 13.2 percent, monthly collections were 12.8 percent ahead of prior November receipts. Year-to-date collections of $877.4 million were $65.1 million above the estimate and 2.8% above the prior year’s receipts. Current tax rates are nearly 6% lower than tax rates in place one year ago.
Consumer Sales Tax collections totaled $180.5 million in November which were $11.7 million above the estimate and 5.7%, ahead of prior November collections. Cumulative collections of $803.6 million were $29.0 million above the cumulative estimate and 11.6% ahead of collections from the prior year. Cumulative collections included $39 million in receipts associated with a recently enacted law eliminating a payment acceleration requirement for certain Taxpayers. Adjusted year-to-date collections were 6.2% ahead of prior year’s receipts.
November General Revenue Fund Severance Taxcollections totaled $27.1 million as receipts were below the monthly estimate, but 43.5 percent ahead of prior November receipts. Year-to-date General Revenue Fund collections of $127.8 million were $4.7 million below estimate. However, cumulative collections were $40.5 million, or 46.4%, ahead of the prior year’s receipts. A trend of higher coal and natural gas production along with higher natural gas prices were largely responsible for the revenue gain to date.
Corporation Net Income Tax collections totaled $3.9 million in November and $103.5 million for the year-to-date. Cumulative collections were $1.4 million below estimate and 15.9 percent below prior year’s receipts.
Interest Income totaled $12.6 million in November and $66.1 million for the year-to-date. Cumulative collections were $14.6 million above the estimate and 29.8% below prior year’s receipts due to a trend of lower interest rates. In addition to these collections, the State Treasury transferred $20 million in excess banking service funds attributable to interest earnings in prior periods to the State General Revenue Fund in November. This transfer was a contributing factor to the $28.5 million monthly revenue surplus.
Tobacco Excise Tax collections totaled $10.6 million in October and $56.8 million for the year-to-date. Cumulative receipts were $4.3 million below estimate and 6.3% below prior year-to-date collections due to a trend of shifting consumption away from cigarettes to other tobacco and vaping products.
