Governor Jim Justice announced that West Virginia’s General Revenue collections for December 2021 came in at $506.8 million – a staggering $124.4 million above estimate and 32.6% ahead of prior year receipts.
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This revenue growth rate was the highest on-record for the month of December in West Virginia since at least the 1970s.
“We really have the economic engine of this state humming in a way that it hasn’t for a long, long time,” Gov. Justice said. “Month after month, we are setting record after record with our revenue collections. It’s flat out outstanding. The people of West Virginia should be incredibly proud of what we’ve done, and I truly believe that we are only just getting started. There’s more and more goodness to come.”
Now halfway through Fiscal Year 2022, year-to-date collections of nearly $2.518 billion are $393.9 million above the YTD estimate.
Personal income tax collections were $26.8 million above monthly estimate and 13.9% ahead of prior year. YTD collections were $117.4 million above estimate. Adjusted YTD collections (i.e., after removal of prior year deferred collections) were 10.4% ahead of last year.
Corporation net income tax collections were $51.1 million above monthly estimate and nearly 96% ahead of prior year. YTD CNIT collections were $94.7 million above estimate and 67.8% ahead of prior year adjusted receipts (i.e., after removal of prior year deferred collections).
Consumer sales tax receipts were $20.1 million above monthly estimate and 18.1% ahead of prior year. YTD collections were $65.4 million above estimate and 9.0% ahead of prior year.
Monthly severance tax collections totaled nearly $62.6 million. Collections were nearly $30.4 million above estimate and 300% ahead of last year. YTD cumulative general revenue fund severance tax collections were $116.8 million above estimate and $184.4 million ahead of prior year.
YTD severance tax collections for all funds were 168% ahead of last year. Energy prices remain highly elevated even after some moderation in the past month.
During the month of October, West Virginia cracked the top 10 states in the nation for quarterly GDP growth. ■
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