CHARLESTON, WV – Gov. Jim Justice’s rocketship ride in West Virginia continues to gain momentum.
The Governor announced today that West Virginia’s General Revenue collections for December 2021 came in at $506.8 million – a staggering $124.4 million above estimate and 32.6% ahead of prior year receipts.
This revenue growth rate was the highest on-record for the month of December in West Virginia since at least the 1970s.
“We really have the economic engine of this state humming in a way that it hasn’t for a long, long time,” Gov. Justice said. “Month after month, we are setting record after record with our revenue collections. It’s flat out outstanding. The people of West Virginia should be incredibly proud of what we’ve done, and I truly believe that we are only just getting started. There’s more and more goodness to come.”
Now halfway through Fiscal Year 2022, year-to-date collections of nearly $2.518 billion are $393.9 million above the YTD estimate.
Personal income tax collections were $26.8 million above monthly estimate and 13.9% ahead of prior year. YTD collections were $117.4 million above estimate. Adjusted YTD collections (i.e., after removal of prior year deferred collections) were 10.4% ahead of last year.
Corporation net income tax collections were $51.1 million above monthly estimate and nearly 96% ahead of prior year. YTD CNIT collections were $94.7 million above estimate and 67.8% ahead of prior year adjusted receipts (i.e., after removal of prior year deferred collections).
Consumer sales tax receipts were $20.1 million above monthly estimate and 18.1% ahead of prior year. YTD collections were $65.4 million above estimate and 9.0% ahead of prior year.
Monthly severance tax collections totaled nearly $62.6 million. Collections were nearly $30.4 million above estimate and 300% ahead of last year. YTD cumulative general revenue fund severance tax collections were $116.8 million above estimate and $184.4 million ahead of prior year. YTD severance tax collections for all funds were 168% ahead of last year. Energy prices remain highly elevated even after some moderation in the past month.
Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office
Under Gov. Justice’s leadership, West Virginia continues to enjoy an unprecedented era of success and prosperity.
After inheriting a $500 million budget deficit, Gov. Justice has led the state to a string of consistent budget surpluses by using his lifelong experience as a businessman to make West Virginia a more business-friendly state and by standing behind the energy industry.
West Virginia has broken the all-time record for lowest unemployment rate in state history in back-to-back months.
During the month of October, West Virginia also cracked the top 10 states in the nation for quarterly GDP growth.
Additionally, the Governor’s Roads to Prosperity program is the state’s largest-ever investment in road maintenance and improvement; after 50 years of neglecting its roads, the state has committed more than $2 billion dollars to fixing them. Teachers and state employees have received their two largest pay raises ever – and the Governor has proposed a historic third 5% pay raise, plus a 2.5% supplement for all state employees. The state’s Rainy Day Fund now exceeds $1 billion – another record – and its public pension funds are better-funded than they have been in decades. Thanks to Gov. Justice, Veterans now live in West Virginia tax-free and senior citizens do not face state taxes on social security. The Governor recently announced his Billion-Dollar Broadband Strategy; a plan to bring high-speed broadband availability to more than 200,000 more West Virginia homes and businesses. Meanwhile, the Governor has also led West Virginia through a once-in-a-century pandemic, protecting the state’s most vulnerable citizens. Increased investments in the state’s tourism efforts have visitation and intrigue in West Virginia through the roof. West Virginia was recently named a top-10 travel region in the world to visit by Lonely Planet; the only state to earn this prestigious distinction and the state was also recently selected as one of the Best Places to Go by Condé Nast Traveler.
Click here to read Gov. Justice’s 2021 Year in Review