Gov. Justice announces FY 2024 revenue collections $458 million ahead of estimate

CHARLESTON, WV — Gov. Jim Justice announced today that West Virginia’s General Revenue collections for January 2024, the seventh month of Fiscal Year 2024, came in at $531 million, which is $52.3 million above the official estimate. Cumulative collections for Fiscal Year 2024 of more than $3.297 billion stand at $458.7 million ahead of the cumulative estimate.

“West Virginia’s economy continues to defy expectations,” Gov.​ Justice said. “Even after historic tax cuts, our January revenue collections shattered estimates by over $50 million, pushing our total surplus to an incredible $458 million. This momentum proves our investments in diversification and responsible budgeting are paying off as we build a brighter future for every West Virginian.”

Even after a 21.25% personal income tax cut, the largest tax cut in state history, this month’s cumulative surplus was again led by a strong performance from personal income taxes and interest income collections.

January Personal Income Tax collections totaled $233.4 million and year-to-date collections totaled nearly $1.408 billion. Year-to-date Personal Income Tax collections were $197.9 million above estimate and just 5.1 percent below prior year receipts even after a 21.25% tax rate cut.

January Corporation Net Income Tax collections of $18.8 million were $10.4 million above estimate. Year-to-date collections of $237.1 million were $119.5 million above estimate and 12.2% ahead of last year.

January Consumer Sales Tax collections totaled nearly $156.2 million. Year-to-date collections of $1.026 billion were $20.6 million above estimate and 4.1% ahead of last year.

January Severance Tax collections of more than $55.7 million were nearly $24.8 million above estimate. Cumulative collections totaled nearly $167.9 million.

Year-to-date interest income collections of more than $136.1 million were $109.0 million above the official estimate and nearly 162% ahead of last year.

For more detailed information, you can access the monthly revenue and cash flow reports from the West Virginia State Budget Office by clicking here.