CHARLESTON, W.Va. (WVDN) – July General Revenue Fund collections of $388 million were nearly $22.3 million above the $365.9 million monthly estimate and 15.8% ahead of prior year July receipts. July collections exclude $79.0 million borrowed from the State’s Rainy Day Fund at the beginning of the year. The State annually borrows such funds for cash flow purposes and statutorily must repay the funds before the end of October.
Personal Income Tax collections totaled $148.4 million in July. July collections were $8.5 million above estimate and $5.5 million, or 3.9%, ahead of prior July receipts. July 2025 collections included roughly $11 million in receipts associated with a recently enacted law eliminating a payment acceleration requirement for certain Taxpayers. By comparison, July 2024 collections were enhanced by more than $7.1 million because of a decision to pay some tax refunds out of the Personal Income Tax Refund Reserve Account.
Consumer Sales Tax collections totaled $136.8 million in July. July collections were $4.0 million below estimate, but more than $44 million, or 47.5%, ahead of prior July collections. July 2025 collections included $39 million in receipts associated with a recently enacted law eliminating a payment acceleration requirement for certain Taxpayers. Combined June and July 2025 collections were 3.9% ahead of prior year receipts.
Corporation Net Income Tax collections of $22.3 million were $9.1 million above estimate and $3.3 million, or 17.5%, ahead of prior July collections.
July Insurance Premium Tax collections for the General Revenue Fund totaled $30 million, an amount slightly below the monthly estimate. Collections were 4.6% above prior July receipts.
General Revenue Fund Severance Tax collections totaled $1.4 million. July receipts were $2.1 million below estimate and $1.7 million below prior July receipts. However, total severance tax collections for the combined months of June and July of $93.3 million were more than 127% ahead of the same period last year. July severance collections are significantly lower each year due to two statutorily required transfer payments: $22.2 million for annual payment on Infrastructure Bonds that were issued back in the 1990s, and the quarterly coal severance tax distributions to counties of more than $9.8 million.
Other revenue sources with significant surplus compared to estimates in July included B&O Tax ($5.4 million), Interest Income ($2.0 million), Tobacco Excise Tax (nearly $1.7 million) and Liquor Profits (nearly $1.7 million).
