Revenue collections above estimate at start of 2023 fiscal

Governor Jim Justice announced Tuesday the state’s General Revenue collections for July were $92.4 million above estimate and more than 24% ahead of prior year receipts. West Virginia ended the previous fiscal year with a surplus of $1.3 billion. The Mountain State kicked off Fiscal Year 2023 by setting another all-time record in July. Total severance tax collections for all funds were a state record $90.7 million for the month, or an increase of nearly 187% over last year. Severance Tax collections exceeded estimates by $51.6 million.

Personal Income Tax collections totaled $161.2 million and were 13.7% ahead of prior July receipts. Corporation Net Income Tax collections of $14.4 million were $10.4 million above estimate and 30.2% ahead of prior July receipts. Consumer Sales Tax collections of nearly $96.3 million were $10.4 million above estimate and 7.2% ahead of prior July receipts. Insurance Premium Tax collections exceeded the July estimate by nearly $7.5 million.