CHARLESTON, WV — Gov. Jim Justice announced today that West Virginia’s General Revenue collections for October 2023, the fourth month of the Fiscal Year 2024, came in at $390.8 million, which is $7.4 million above the official estimate. Cumulative collections of more than $1.808 billion put the state at $242.2 million ahead of the estimate.
“I’m absolutely thrilled with these numbers, and I’m eager to continue seeing increases in the surplus,” Gov. Justice said. “We’ll keep a close eye on tracking these numbers, because I am fully dedicated to meeting that goal for our state.”
The surplus was led by a relatively strong performance for personal income taxes and corporation net income taxes.
Personal income tax collections of $189.3 million were nearly $9.8 million above estimate. Cumulative Personal Income Tax collections of $796.8 million are $121.4 million above estimate and just 3.2% below prior year receipts even after a 21.25% tax rate cut.
Corporation Net Income Tax collections of $26.3 million were $15.7 million above estimate and 37.6% ahead of last year. Year-to-date collections of $152.3 million are $86.2 million above estimate and 24.8% ahead of last year.
Consumer Sales Tax collections totaled nearly $125.2 million. Collections exceeded prior year collections by 1.4%. Year-to-date collections of $539.7 million are $11.9 million above estimate and 4.1% ahead of last year.
Insurance Premium Tax collections of $26.2 million were nearly $1.5 million above estimate and 6.2% ahead of prior year receipts. Cumulative collections are $0.9 million above estimate and 3.9% ahead of prior year receipts.
Year-to-date interest income collections of more than $74.4 million were $58.9 million above the official estimate and 339% ahead of last year.
Total Severance Tax Collections for October 2023 for all funds was $55.7 million. Due to a record return of local oil and gas severance receipts of nearly $74.5 million dollars, General Fund total was -$37.5 million.
The large payout to local governments was due to the very high 2022 energy prices. Local governments received an additional $12 million of local coal severance tax distributions during the month. There was also a total $6.75 million of oil and gas severance tax revenues that went to the DEP well plugging fund.