State revenue collections continue to exceed estimates

CHARLESTON, W.Va. — The state collected $38.7 million more in tax revenue than it originally predicted in October.

Revenues collected have exceeded estimates by $181.4 million through the first four months of the fiscal year.

The numbers brought praise Monday from Gov. Jim Justice.

“We’ve made the right moves and West Virginia is positioned in the right spot,” Justice said.

READ October numbers here

The state continues to benefit from higher than expected prices and production in the areas of coal and natural gas. Severance tax collections for October were 84% above last October and 119% ahead of estimates so far this fiscal year.

The actual severance tax collection was $19.4 million which was more than $10 million above estimates.

Justice said Congress and the Biden administration, which are struggling over passing a pair of infrastructure packages, would do well to pay attention to West Virginia.

“The solution is to just bear down, roll your sleeves up and do hard work and come up with the right solutions and make the right moves on the chess board,” Justice said.

Personal income tax collections were roughly $20 million above estimates while consumer sales tax collections were $5.8 million above October estimates.

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