| CHARLESTON, WV — Gov. Jim Justice announced that today West Virginia’s revenue collections of $580.6 million in September, the third month of Fiscal Year of 2025, were $14.3 million above the estimates. Gov. Justice addressed the revenue collections and the need for an additional income tax cut during today’s administration briefing. “Our revenue numbers continue to show that we are minding the store,” Gov. Justice said in part. “But we also need to keep pushing forward on eliminating our personal income tax. We have to keep it moving because eliminating our personal income tax is going to show the world why they need to move to West Virginia. Cutting our personal income tax is a drop in the bucket when you consider the multiplier effect it will have on our state’s future. Let’s keep going.” Gov. Justice has asked both the House and Senate to consider another personal income tax cut of up to 5%, which he included in his Special Session agenda. The proposal is before the Legislature, and both chambers continue to deliberate on the Governor’s plan to provide further tax relief for hardworking West Virginians. The West Virginia Legislature returns to Charleston for interims on Sunday, October 6, 2024. Several other items were on the Special Session call, including funding related to schools, hospitals, infrastructure, nursing & EMS programs, and economic development. You can find bill status here. Other September collections highlights include:September personal income tax collections were $9 million above estimate.September severance tax collections were $10.1 million above estimate.September insurance premium tax collections were $1.2 million above estimate.September cumulative interest income receipts were $23.9 million above estimate. For more detailed information, you can access the monthly revenue and cash flow reports from the West Virginia State Budget Office by clicking here. |
