West Virginia breaks state record for revenue collections

CHARLESTON, W.Va (WDTV) – Gov. Jim Justice introduced that 11 months by way of Fiscal Yr 2022, year-to-date collections of greater than $5.225 billion are a document $1.107 billion above the YTD estimate and 16.3% forward of final 12 months, breaking the all-time state document for whole collections by way of the month of Might.

This marks the primary time in state historical past that cumulative collections have ever exceeded $5 billion at any level on the calendar, with one other month nonetheless remaining on this fiscal 12 months.

“I hate to sound like a damaged document…however we now have one other damaged document!” Gov. Justice mentioned. “Celebrating information by no means will get outdated, particularly relating to our income collections.”

West Virginia’s Basic Income collections for Might 2022 got here in at $113.8 million over estimate.

“Once I walked within the door, going through a $500 million finances deficit, there have been loads of naysayers on the market who by no means believed we’d even be capable of get the state constructive, not to mention to the purpose the place we’re breaking document after document, month after month,” Gov. Justice added. “To inform you the reality, I like rubbing these individuals’s noses in it and I hope each West Virginian does too.

Might noticed extra state information damaged for private earnings tax collections.

Private earnings tax collections totaled $181.7 million. Month-to-month collections exceeded estimates by roughly $35.5 million. YTD collections of roughly $2.270 billion had been a document $430.5 million above estimate and 16.2% forward of prior 12 months.

Severance tax collections totaled a document $92.7 million. Collections had been $62.4 million above estimate and 295.5% forward of final 12 months.

Company web earnings tax collections of $13.8 million had been $5.3 million above estimate and 46.2% forward of final 12 months.

Shopper gross sales tax receipts of $150.7 million had been $24.7 million above estimate.

Insurance coverage premium tax collections had been $1.3 million above estimate and 208.9% forward of prior 12 months.

Click on right here for a breakdown of month-to-month income and money circulation experiences from the West Virginia State Funds Workplace.

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