Charleston, WV (WOAY) – The Mountain State has exceeded expectations by shattering several all-time financial records this year.
Governor Jim Justice announces that West Virginia’s total revenue collections for fiscal year 2023 will come in $1.8 billion over estimate.
The fiscal year will officially end at midnight tonight, and June 2023 total collections are anticipated to come in at approximately $580 million.
Total collections are currently sitting at $6.5 billion for the year, which is 10% ahead of past collections and marks the first time in state history that collections exceeded $6 billion in a single year.
Severance tax collections experienced a 24% increase since last year, reaching nearly $950 million.
Corporation net income tax collections were 14% higher this year, totaling $420 million.
Personal income tax reached a record $2.6 billion despite the signage of the hb 25-26 tax bill during the previous legislative session that resulted in the largest tax cut in west virginia history.
Consumer sales tax crushed an all-time record of $1.75 billion or a 5.7% increase from last year, while interest income tax collections hit an all-time high at $132.4 million.