Budget surplus sits at $428 million for West Virginia in newest calculations

04 March 2024- Gov. Jim Justice announced today that West Virginia’s General Revenue collections for February 2024, the eighth month of Fiscal Year 2024, came in at $283.4 million, which is $30.62 million below the official estimate. Cumulative collections for Fiscal Year 2024 of more than $3.581 billion stand at $428.1 million ahead of the cumulative estimate.

“While February’s revenue came in slightly below our expectations, it’s important to remember this is due to the timing of certain personal income tax credits,” Gov. Justice said. “West Virginia’s economy continues to be strong and diversified, as evidenced by our year-to-date surplus exceeding estimates by $428 million so far. Looking ahead, I remain very confident in West Virginia’s long-term financial health.”

February Personal Income Tax collections totaled $28.9 million and year-to-date collections totaled nearly $1.437 billion. Year-to-date Personal Income Tax collections were $135.3 million above estimate and just 10.5% below prior year receipts even after a 21.25% tax rate cut.

February Corporation Net Income Tax collections of nearly $6.5 million were $5.0 million above estimate. Year-to-date collections of $243.6 million were $124.5 million above estimate and 13.6% ahead of last year.

February Consumer Sales Tax collections totaled more than $142.1 million. Year-to-date collections of more than $1.168 billion were $18.1 million above estimate and 3.5% ahead of last year.

February Severance Tax collections of nearly $31.5 million were nearly $7.5 million above estimate. Cumulative collections totaled nearly $199.4 million.

Year-to-date interest income collections of more than $155.3 million were $124.7 million above the official estimate and more than 127% ahead of last year.