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CHARLESTON, WV – Gov. Jim Justice announced today that West Virginia’s General Revenue collections for March 2023 are $159 million above estimates and 6.1% ahead of prior year receipts. Year-to-date collections are $1.266 billion above estimate and 16% ahead of last year.
“This March we certainly have a lot to be thankful for,” Gov. Justice said. “Our revenue collections are strong, our state is in an excellent financial position, and we’ve now got the largest tax cut in state history on the books. So as Spring begins across the Mountain State, I’m extremely proud of our state’s financial health, but most of all I’m proud that all hardworking West Virginians have more money in their pockets.”
The following is a brief summary of the four major components that accounted for 92% of the year-to-date surplus and more than 90% of the year-to-date 16.0% revenue gain:
March General Revenue Fund Severance Tax collections totaled nearly $84.8 million. Monthly collections exceeded the official estimate by nearly $64.2 million. Record year-to-date general revenue fund severance tax collections of $787 million were 57.2% ahead of last year and nearly $605 million above estimate.
March Personal Income Tax collections totaled $200.3 million. Collections exceeded the monthly estimate by $48.1 million. Record year-to-date collections of more than $1.805 billion were $246.7 million above the official estimate and 10.0% ahead of prior year receipts.
Consumer Sales Tax collections of $139.7 million were $22.5 million above estimate in March and 10.4% ahead of prior March collections. Cumulative collections of more than $1.269 billion were $170.8 million above the official estimate and 6.7% ahead of last year.
Corporation Net Income Tax collections totaled nearly $18.5 million in March. Monthly collections were nearly $15.5 million above estimate. Year-to-date collections of $232.9 million were $140.9 million above the official estimate and 21.7% ahead of prior year-to-date collections.
Click here to read monthly revenue and cash flow reports from the West Virginia State Budget Office. |