CHARLESTON, W.Va. - Today, Governor Patrick Morrisey announced that West Virginia’s March FY2026 General Revenue Fund collections once again exceeded expectations, reflecting continued economic strength and responsible financial management across the state.
“Our commitment to the economic fundamentals continues to pay dividends and that is evident in our continued revenue growth,” Governor Morrisey said. “I am confident that we will end the fiscal year with a strong surplus.”
March collections totaled $458 million, coming in $39 million above estimate and 4.4% higher than collections from March of last year. Year-to-date collections have now surpassed $4.071 billion, placing the state $199 million above the revenue estimate and 3.1% ahead of prior year levels.
The continued strength in revenue collections has allowed the state to prioritize returning money to taxpayers while maintaining a strong fiscal position.
“I am grateful that we were able to pass an across-the-board income tax cut this year to return money to our citizens,” Governor Morrisey said.
Governor Morrisey highlighted several key revenue drivers:
Personal Income Tax: March collections reached $121 million, which is $17 million below estimate and 10.9% behind last March. Year-to-date totals exceed $1.526 billion, outperforming estimates by $57 million. The decrease compared to last year is largely explained by the faster processing of personal income tax refunds, with an additional 10,000 refunds and $12 million more issued compared to the same time last year.
Consumer Sales Tax: March collections totaled $155 million, which was $1 million above estimate and $12 million above the prior year. Year-to-date collections stand at $1.456 billion, exceeding expectations by $33 million (2.3%).
Severance Tax: Collections of more than $84 million in March were significantly above estimate by $41 million and more than 35% ahead of prior March collections. Year-to-date totals of $346 million are $48 million above estimate and $90 million ahead of last year.
Corporation Net Income Tax: March collections reached $9 million, $4 million below estimate, contributing to year-to-date totals of $188 million. Year-to-date collections are $6 million above estimate.
Tobacco Excise Tax: March collections totaled $7 million, with year-to-date totals of $98 million. Year-to-date receipts are $6 million below estimate, reflecting a continued shift in consumer purchasing patterns from cigarettes to other products.
Insurance Premium Tax: March collections were $38 million, exceeding the monthly estimate by $14 million. Much of this increase is due to February collections spilling over into March. Year-to-date collections are $2 million above estimate, reflecting that these taxes remain on track.
Interest Income: March collections of $9 million brought year-to-date totals to $111 million, performing $27 million above estimate. Year-to-date receipts are $34 million below prior year levels due to lower investment balances and interest rates.