West Virginia tax collections $7.4M above estimates for October

(The Center Square) – West Virginia collected $390.8 million in taxes and fees in October, which finished $7.4 million above the budgeted estimate.

That puts the state at $1.8 billion collected through the first four months of the fiscal year, which is $242 million above the estimates.

“I’m absolutely thrilled with these numbers, and I’m eager to continue seeing increases in the surplus,” Gov. Jim Justice said in a statement. “We’ll keep a close eye on tracking these numbers, because I am fully dedicated to meeting that goal for our state.”

Personal income tax collections of $189.3 million were nearly $9.8 million above the monthly estimate while cumulative personal Income tax for the fiscal year of $796.8 million are $121.4 million above estimate and 3.2% below 2022 despite an income tax rate cut.

West Virginia collected $55.7 million in severance tax for the month but there was a record return of local oil and gas severance receipts of nearly $74.5 million.

“The large payout to local governments was due to the very high 2022 energy prices,” Justice’s office said.