West Virginia collects $22.8M more than estimated in August taxes
(The Center Square) – West Virginia continued the new fiscal year collecting $22.8 million above what was estimated for August, the second month of the fiscal year.
Those collections were led by nearly $159 million in consumer sales tax, which was $6.4 million above the estimate and more than 5% over 2022 collections.
The total puts West Virginia at $30.5 million above estimates for the first two months of the fiscal year.
“Once again, our surplus this month proves that we’re wisely minding our store and keeping our state on the right track, just as West Virginians elected me to do,” said West Virginia Gov. Jim Justice.
Overall, West Virginia collected $410.8 million in taxes and fees in August and has collected $745.8 million for the fiscal year.
“West Virginians are remaining resilient, like we always have, and continuing to get our dinner buckets and work hard so that we can put food on the table for our families. It’s what makes me confident that whatever comes our way, we will get through it together, stronger than ever, as West Virginians,” Justice said.
Corporation tax collections in August were $5.8 million above estimates and the state is $14.3 million above estimates for the first two months of the year.
Severance tax collections, meanwhile, were $6.2 million above estimates in August.
Severance taxes are collected on mining minerals such as coal, oil, natural gas, limestone, and sandstone among others.
