CHARLESTON, W.Va. (WVDN) – Cumulative General Revenue Fund collections of more than $2.742 billion are $128.1 million above the year-to-date estimate and 2.5% ahead of prior year collections, despite December collections of nearly $511.3 million being slightly below the $514.5 million monthly estimate.
“I’m encouraged by the $128 million surplus halfway through this fiscal year and continuing growth in overall collections,” said Governor Morrisey. “Sales tax revenue growth of 10.1% is particularly impressive in comparison with last year. Current trends bode well for the State as we prepare for the coming budget year.”
Personal Income Tax collections totaled $192.4 million in December and nearly $1.07 billion for the year-to-date. Year-to-date collections were nearly $47.9 million above the estimate and just slightly below prior year receipts despite tax rate cuts and the subtraction of the recently enacted refundable motor vehicle tax credit. Year-to-date wage and salary withholding tax collections were 0.6% ahead of last year. Current tax rates are nearly 6% lower than tax rates in place one year ago.
Consumer Sales Tax collections totaled $175.5 in December. December collections were 3.8%, ahead of prior December collections. Cumulative collections of $979 million were nearly $28.0 million above the cumulative estimate and 10.1% ahead of collections from the prior year. Cumulative collections included $39 million in receipts associated with a recently enacted law eliminating a payment acceleration requirement for certain Taxpayers. Adjusted year-to-date collections were 5.7% ahead of prior year’s receipts.
December General Revenue Fund Severance Tax collections totaled $44.9 million. December receipts were $5.3 million above the monthly estimate, and 11.6 percent ahead of prior December receipts. Year-to-date General Revenue Fund collections of $172.8 million were $0.6 million above estimate. Cumulative collections were $45.1 million, or 35.4%, ahead of the prior year’s receipts. A trend of higher coal production and higher natural gas production along with higher natural gas prices were largely responsible for the revenue gain to date.
Corporation Net Income Tax collections totaled $51.7 million in December and $155.2 million for the year-to-date. December collections were $8.4 million above estimate. Cumulative collections were $7.0 million above estimate and 12.7 percent below prior year receipts.
Tobacco Excise Tax collections totaled nearly $12.8 million in December and $69.5 million for the year-to-date. Cumulative receipts were $3.4 million below estimate and 5.4% below prior year-to-date collections due to a trend of shifting consumption away from cigarettes to other tobacco and vaping products.
Interest Income totaled $12.6 million in December and $78.7 million for the year-to-date. Cumulative collections were $18.2 million above the estimate and 28.2% below prior year’s receipts due to a trend of lower interest rates.
