State sets all-time records on revenue for first quarter of the fiscal year
CHARLESTON, W.Va. (WSAZ) - West Virginia has set two all-time records for the first quarter of year.
Governor Jim Justice made the announcement Thursday morning during a press conference on September revenue numbers.
According to the governor, the state has set records with the personal income tax and consumer sales tax for the first quarter of the fiscal year for 2021.
The Secretary of Revenue in West Virginia says the personal income tax collected $614 million and is about 45% of the state’s general revenue income.
The consumer sales tax collected $351 million and this provides roughly 30% of the state’s general revenue, according to the W.Va. Secretary of Revenue.
Governor Justice says September ended with a $10 million surplus. This puts the state at a $90.4 million surplus for the year. The governor says this is 12.8% above last year.
The general revenue cash flow is $297.8 million. This is an excess cash flow. Governor Justice says that’s the best it has been since 2009.
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