Justice: July’s revenue surpluses ‘not slowing down’
CHARLESTON, W.Va (WDTV) - West Virginia’s General Revenue collections for July 2022 of $381.1 million were $92.4 million above estimates and 24.6% ahead of prior year receipts, according to Gov. Justice.
“I know it sounds like a broken record at this point, but now that we have this state’s economic engine going in the right direction, we have a lot of good news to report,” Gov. Justice said.
Total severance tax collections for all funds were a state record $90.7 million in July, an increase of nearly 187% over last year.
“What we did this last year was unbelievable – beyond anybody’s wildest dreams. But we’re not slowing down. We’re going to keep the ball rolling this year,” Gov. Justice said.
Severance Tax collections totaled $54.6 million, a $51.2 million increase over last year. Collections exceeded estimates by $51.6 million.
Personal Income Tax collections totaled $161.2 million. Collections exceeded estimates by nearly $14.3 million and were 13.7% ahead of prior July receipts.
Corporation Net Income Tax collections of $14.4 million were $10.4 million above estimate and 30.2% ahead of prior July receipts.
Consumer Sales Tax collections of nearly $96.3 million were $10.4 million above estimate and 7.2% ahead of prior July receipts.
Insurance Premium Tax collections exceeded the July estimate by nearly $7.5 million.
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