Governor Jim Justice announced that West Virginia’s General Revenue collections for February 2022 came in at $385.2 million – $59.2 million above estimate and 19.7% ahead of prior year receipts.
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Eight months through Fiscal Year 2022, year-to-date collections of $3.478 billion are $589.9 million above the YTD estimate; breaking the all-time record for total surplus through the month of February.
The $59.2 million surplus for the month of February is also believed by state revenue officials to be the highest February surplus ever recorded in state history.
“Here we go again! We’ve wrapped up yet another month with another historic state record with our revenue surplus,” Governor Justice said.
“If you would have said five or ten years ago that we’d have just one month like this, people wouldn’t believe it. Before I came in the door, this state was flat-out bankrupt. But a lot of good people have put in a lot of good licks, and the tone has completely changed. Now, people aren’t even surprised when our numbers are through the roof – it’s become the expectation each and every month.
“We can’t let this historic success become old hat. We need to continue to yell from the mountaintops to tell the outside world just how much goodness is happening in West Virginia every day.”
Severance tax collections totaled $80.4 million, which is 252% ahead YTD and 314% ahead of last February. YTD collections are $212.3 million above estimate. These numbers represent historical highs, both for the month of February and the total collected.
Personal Income Tax is 9.9% ahead YTD compared to prior year adjusted collections. YTD collections are $166.2 million above estimate, the best performance relative to estimate.
Consumer Sales Tax is 9.4% ahead YTD and 6.7% ahead of last February. YTD collections are $93.4 million above estimate.
Corporation Net Income Tax is 57.1% ahead YTD compared to prior year adjusted collections. YTD collections are $101.3 million above estimate. ■
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