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Total surplus through January reaches never-before-seen $530.6 million
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CHARLESTON, WV – Gov. Jim Justice announced today that revenue collections in West Virginia continue to make history – breaking several all-time state records in January.
West Virginia’s General Revenue collections for January 2022 came in at $573.3 million – a whopping $136.8 million above estimate and 29.4% ahead of prior year receipts.
Seven months through Fiscal Year 2022, year-to-date collections of $3.093 billion are $530.6 million above the YTD estimate; breaking the all-time record for total surplus through the month of January.
The $136.8 million surplus for the month of January is also believed by state revenue officials to be the highest January surplus ever recorded in state history.
“We continue to break all-time record after all-time record,” Gov. Justice said. “You won’t find anybody on the planet who is more proud to announce these incredible surplus numbers to you. And believe me, these numbers didn’t just happen by somebody rolling off the pickle truck. A lot of people put in a whole lot of work to make this vision of having surplus after surplus a reality.”
West Virginia broke three additional state records in January: the highest ever year-to-date amounts collected from Personal Income Tax, Consumer Sales Tax, and Severance Tax.
Personal Income Tax is 12.9% ahead YTD compared to prior year adjusted collections and 22.9% ahead of last January. YTD collections are $181.7 million above estimate, the best performance relative to estimate.
Consumer Sales Tax is 9.7% ahead YTD and 13.6% ahead of last January. YTD collections are $80.4 million above estimate.
Severance is 240% ahead YTD and 182% ahead of last January. YTD collections are $163.9 million above estimate.
Meanwhile, Corporation Net Income Tax is 58.1% ahead YTD compared to prior year adjusted collections. YTD collections are $98.6 million above estimate.
“Our record-setting numbers aren’t just coming from one source. It’s everything,” Gov. Justice continued. “And, absolutely, when you get the snowball rolling down the side of a snow-covered hill – like The Temptations said a long time ago – it gets bigger and bigger, and this snowball includes everything and everybody. So let’s just keep it going, for crying out loud.”
Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office
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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.
People are more excited than ever to be in West Virginia. From April 2010 to July 2019, more than 43,000 people moved out of the state. However, from 2020 through 2021, net migration is up in West Virginia for the first time in decades, with over 2,000 people moving into our state, making West Virginia one of the top states in the entire nation that people are moving into on a percentage basis.
West Virginia is finally competing on the world stage and recruiting world-class companies to our state as shown in three recent major announcements. Nucor Corporation announced that they selected Mason County as the location for a state-of-the-art sheet steel mill. This record investment will exceed $2.7 billion, making it the largest in West Virginia history, as well as the largest single investment Nucor has ever made. GreenPower Motor Company announced an agreement with the state to manufacture zero-emission, all-electric school buses in South Charleston, bringing hundreds of new jobs and millions of dollars in economic impact to West Virginia. Finally, Owens & Minor, a Fortune 500 company that provides medical supplies, is going to expand on a deal they previously had with WVU Medicine and create over 125 jobs at a healthcare products preparedness and supply center in Morgantown.
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 a third pay raise has been proposed. 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 has also led West Virginia through a once-in-a-century pandemic, protecting the state’s most vulnerable citizens. Additionally, 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.
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