CHARLESTON, WV (WVNS) – West Virginia’s record-setting surplus in September and the fiscal year proves that the personal income tax cut is viable, Governor Justice insists.
“We are only three months into this fiscal year, and we’re already at over $420 million in surplus. What this proves more than anything is that it is time to return this money in the form of immediate cuts to our personal income tax.”Governor Jim Justice, (R-WV)
Gov. Jim Justice announced that West Virginia’s General Revenue collections for September 2022 of $638.8 million were a full $192.8 million above estimates and 26.6% ahead of prior years.
“Cuts to our personal income tax will put money directly in the pockets of hard working West Virginians who are battling inflation, not in the pockets of large corporations, like what will inevitably happen should Amendment 2 pass in November. Without question, the elimination of our personal income tax will drive growth and prosperity to our state for decades to come. Amendment 2 will eliminate the possibility of cuts to our personal income tax, do nothing to entice people to move to West Virginia, and do nothing more than ‘build a field and hope and pray they will come’ for businesses that may want to move to West Virginia. It will leave us high and dry when bad times come.”Governor Jim Justice, (R-WV)
Coming off a $1.308 billion surplus in Fiscal Year 2022 – the greatest year of revenue collections in state history – and all-time records for severance tax collections in July and August, September notched total year-to-date severance tax collections to an all-time record of $272.2 million, $224.8 million above estimate.
September personal income tax collections totaled $260.9 million. Collections exceeded the estimate by nearly $46.7 million and prior years by 20.5%. These statistics are what motivate Governor Justice to push for the personal income tax cut.