FOR IMMEDIATE RELEASE
Friday, September 29, 2023
|
|
Gov. Justice announces $210 million revenue surplus for September, led by personal income tax collections
|
|
CHARLESTON, WV – Gov. Jim Justice announced today that with one day left to go, West Virginia’s General Revenue collections for September 2023, the third month of the Fiscal Year 2024, came in at more than $659.3 million, which is nearly $210 million above the estimate.
The surplus was led by strong consumer performance for personal income taxes, corporation net income taxes, and consumer sales tax. Year-to-date revenue collections of $1.165 billion stand at roughly $240 million above estimate.
"Since I walked in the door, I have tried my best to mind the store," Gov. Justice said. "So, to see our surpluses looking like this is just amazing. After passing the largest tax cut in state history, we knew that these numbers would fluctuate, but here we are, staring at a $210 million surplus. This is proof of a strengthening economy, and I could not be happier."
Personal Income Tax collections totaled nearly $318.8 million in September. Collections exceeded the monthly estimate by $110.3 million and prior year collections by 23.6%.
Corporation Net Income Tax collections of roughly $96.7 million were $54.2 million above estimate and 2.2% ahead of last year. Year-to-date collections of nearly $124 million were $68.5 million above estimate and 20.5% ahead of last year.
Consumer Sales Tax collections totaled $161.8 million in September. Collections exceeded the monthly estimate by more than $11.2 million and prior year collections by 9.6%.
For more detailed information, you can access the monthly revenue and cash flow reports from the West Virginia State Budget Office by clicking here.
The full report for September will be available on October 2, 2023.
|
|
|
|
