Strong tax revenue for the 2nd month of the year | News, Sports, Jobs
CHARLESTON – Collecting tax revenue in August for the second month of fiscal 2022 kept West Virginia on track for excess dollars.
According to data released by the West Virginia Budget Office on Wednesday, the state collected $ 383.5 million in tax revenue, up $ 29.9 million from the $ 353.6 million estimated by tax authorities for the month. – 10% above the estimates and 15.7% above the income received last August. .
As a result of the August surplus, the state has a total surplus for fiscal 2022 of $ 58 million with tax collections totaling $ 689.3 million. Governor Jim Justice praised the tax revenue figures during his COVID-19 briefing on Wednesday.
“The state of West Virginia continues to creep in and do absolutely wonderful,” says justice. âIf you think that a few years ago we had trouble and trouble and trouble and trouble. Now all I do is keep bringing you good after good number.
All but one of the state’s major sources of tax revenue exceeded estimates in August. Personal income tax collections of $ 154.5 million for August were almost $ 5 million higher than the estimate of $ 149.5 million for a surplus of 3.3 %. August’s figures were also 14.8% higher than the collections at the same time last year.
Consumer sales and use tax collections of $ 141.2 million for August were $ 12.9 million higher than the estimate of $ 128.3 million for a surplus of 10 percent. August collections also exceeded 9% to more than $ 129.4 million last August. Tax collections for the coal and natural gas separation tax in August were $ 45.9 million, $ 8.9 million above the estimate of $ 37 million, or 24 % above estimate. Severance tax collections in August also exceeded last August collections by $ 3.9 million by $ 42.1 million.
Severance pay tax collections have generally been lower than estimated in recent years, but state officials attribute these higher collections to rising prices and production levels for coal and natural gas . Justice has twice tried to get the Legislature to support a tiered severance pay tax that rises as prices improve, though lawmakers have yet to approve a change in the structure of the tax on severance pay.
âWhen things were really tough we absolutely wanted to reward them and help them get through the tough times, but when things are unbelievably good we maybe asked at that point that maybe they could put a little more in the collection plate “, says justice. “We want the prices of coal and natural gas to stay high … but damn it, what an opportunity we missed.”
Regarding the main tax collection items, only the corporate net income tax was lower than expected. Net corporate income tax collections for the month of August were $ 2.61 million, 12.9% lower than the estimate of $ 3 million and 1.1% lower than the last August collections of $ 2.64 million.
“The state is doing wonderfully and is really on rock solid ground”, says justice. “We’re going to keep building on it and building on it as we go.”
(Adams can be contacted at [email protected])