CHARLESTON, W.VA. – At the
six-month mark in the fiscal year, West Virginia’s cumulative overall General
Revenue Fund collections of $1.968 billion were $2.7 million above estimate and
nearly $106 million ahead of where the state was last year.
Revenue Secretary Dave Hardy said
that this is the first time since 2012 that West Virginia’s collections have
been above estimate at the fiscal year halfway mark.
“We’re proud of that fact, for
sure,” Hardy said. “We are still cautiously optimistic at this point in the
fiscal year, but so far, so good. The past three months have been very
encouraging and show gradual and more consistent improvements.”
In December, General Revenue Fund
collections of $367. 5 million exceeded estimates by $16.8 million and were
11.5 percent above prior year receipts. Specifically, Personal Income Tax
collections last month exceeded estimate by $21.5 million. Along with that
increase in estimated income tax payments, nonresident withholding tax
collections nearly doubled and there was a 7.3 percent rise in wage and salary
withholding tax payments for December.
December saw shortfalls in the following: Consumer Sales and
Use (-$4.6 million), Severance (-$1.2 million below estimate, but still 30.2
percent higher than last year), B&O (-$0.3 million), and Tobacco (-$0.9
Along with the surplus in Personal Income Tax, December
showed overages in the following: Insurance Premium (up $0.3 million) and
Corporate Net Income (up $3.3 million).
December State Road Fund collections of $44.9 million were
$4 million below estimate, but 14.9 percent above last year’s receipts.
Cumulative State Road Fund collections were $9.6 million above estimate.
For details on other revenues, go
Lalena Price, Communications Director
| Lalena.D.Price@wv.gov | 304-558-1017