West Virginia February tax collections down $124M year over year

(The Center Square) – West Virginia tax collections were down nearly $124 million in February compared to February 2023 and the state fell more than $30 million short of estimates in the month.

West Virginia has collected $428 million more than estimates through the first eight months of the fiscal year, which is more than $502 million short of what the state collected for eight months of the fiscal year in 2022-2023.

The state collected $142 million in sales and use taxes in February, which was $2 million behind estimates and $1 million short of a year before.

Sales tax collections are $39 million ahead of collections from a year before and $18 million ahead of estimates.

After a $21.25% personal income tax cut, the state has collected $1.2 billion in income tax during the fiscal year, which is 168 million less than a year ago and $135.3 million more than estimates.