W.Va. Tax Revenues Far Above January Estimates

Tax revenues collected in West Virginia last month were more than 29 percent above receipts at the same point of the previous fiscal year, Gov. Jim Justice said Wednesday.

January collections totaled $573 million, which was nearly $137 million above estimates, the Republican governor said in a news release.

For the first seven months of the fiscal year, collections of $3.1 billion were about $531 million above the year-to-date estimate, the statement said. It’s a record for total surplus through the month of January, Justice said.

Also in January, the state set records for the highest year-to-date amounts collected from personal income, consumer sales and severance taxes on industries such as coal, oil and natural gas.