CHARLESTON, WV — West Virginia’s General Revenue collections for December 2022 are $145.6 million above estimates and 9.0% ahead of prior year receipts. Year-to-date record collections are $833 million above estimate.
Governor Jim Justice made the announcement of the surplus on January 3, 2023. He says that the result of the revenue surplus is that West Virginia could see large tax cuts continuing into 2023.
“We’ve seen more and more surpluses roll in each and every month of this fiscal year, and now it’s time for some relief in the form of substantial tax cuts. I encourage all West Virginians to tune in to my State of the State Address on January 11, where I will outline my plan for how we can put money back into the pockets of Hardworking West Virginians through meaningful and responsible tax cuts. We’ve worked really hard to turn our state around from deficits to major surpluses and now our state is blessed with an opportunity for prosperity and growth unlike any before in our history. So with this new year comes the opportunity before us to make real, substantial tax cuts that will benefit West Virginians for generations to come.”Governor Jim Justice (R-WV)
Governor Jim Justice announced the revenue surplus as an across the board success story, with severance tax collections, personal income tax, corporate net income tax, and consumer sales tax all contributing to our state’s amazing revenue growth.
You can read more about West Virginia’s monthly revenue reports here.