West Virginia’s revenue collections set two records in April

West Virginia’s general revenue collections came in $319 million above estimates for April, the single largest month surplus in state history.

The state’s April personal income tax collections came in $192.8 million above estimates, also a record for a single month.

Year-to-date income tax collections of more than $2.277 billion hit a record high coming in $439.5 million above estimates and were up 9.0% from the same period in 2022.

“This is a historic accomplishment — setting new records for the largest single-month revenue and personal income tax collections in state history,” Gov. Jim Justice said at a press conference in Charleston on May 1.

“I am proud of our state’s financial health,” he said. “It’s an honor to be able to make announcements like this because West Virginia has truly turned bankruptcy into prosperity.”

Consumer sales tax collections of $129.2 million in April were $18.8 million above estimates and up 5.3% from the previous year. Year-to-date collections of more than $1.398 billion were $189.6 million above official estimates and 6.6% ahead of last year.

General revenue fund severance tax collections totaled nearly $35.6 million, with monthly collections exceeding official estimates by about $17.6 million. Record year-to-date general revenue fund severance tax collections of $822.5 million were 48.1% ahead of last year and $622.5 million above estimates.

Corporation net income tax collections hit almost $98.0 million last month, nearly $65.0 million above estimates. Year-to-date collections of $330.8 million were $205.8 million above estimates and 17.8% ahead of collections in the same period in 2022.

“When you really look at these numbers, you see a very healthy West Virginia economy with people working and people making higher wages,” said Secretary of Revenue Dave Hardy. “This is great news for West Virginia and we are really looking forward to running across that finish line on that final day of the fiscal year.”

Separately, members from the Department of Economic Development and the state House and Senate and House of Delegates traveled to Taiwan this week as part of a business development mission that included Korea and Japan.

“International investment is a significant and growing sector of our economy,” Justice said in a statement. “International companies from 33 countries have invested billions in West Virginia, and those companies employ 30,000 West Virginians.”

In Taiwan, DED Secretary Mitch Carmichael and Director Mike Graney attended a ribbon-cutting ceremony at the Taipei World Trade Center to officially open the West Virginia Taiwan Office. The office aims to promote West Virginia as a location for Taiwanese investment and help West Virginia firms export goods to Taiwan.

One Taiwanese company is already situated in the state — APG Polytech in Mason County. West Virginia officials said more firms in Taiwan are planning to invest in the United States and are interested in West Virginia.