All treats, no tricks for October tax collections in West Virginia
(Graphic by Steven Allen Adams)
CHARLESTON — Halloween has come and gone, but October collections for West Virginia’s general revenue fund provided additional surplus totals in the state’s candy bag. According to data released Monday by the state Department of Revenue, West Virginia collected $417.8 million in tax collections for October, or 11.2% above the $375.9 million revenue estimate set by state budget officials. That provided the state a $41.9 million surplus for the month. Fiscal year-to-date collections of $1.789 billion were 6.1% above the $1.686 billion revenue estimate, providing the state with $102.9 million in excess tax collections just four months into fiscal year 2026 and just over three months until Gov. Patrick Morrisey presents his balanced budget bill for fiscal year 2027 to lawmakers when the 2026 legislative session begins in January. “I’m encouraged by growth trends in consumer spending and personal income in recent months that have helped the state exceed estimates in general revenue collections,” said Morrisey. “The positive trends over the last few months bode well as we prepare for the budget challenges ahead.” Tax collections in October were led by positive numbers in both personal income tax collections and the severance tax on coal, oil and natural gas. October personal income tax collections of $167.3 million were 5.5% above the $158.6 million revenue estimate providing the state a $8.7 million surplus for the month. Fiscal year-to-date personal income tax collections of $706.4 million were 5.8% above the $667.8 million estimate, adding $38.6 million in surplus tax collections. These collections are despite current tax rates being nearly 6% lower than last calendar year’s tax rates. The severance tax brought in $18.6 million in October, but state revenue officials predicted that severance tax collections would run a $5.7 million deficit for the month. As a result, the October severance tax surplus was $24.3 million. “A $16.6 million reduction in revenue transfers was a major contributing factor to the monthly surplus,” according to an explanation by the Department of Revenue. “October severance tax distributions to local governments fell by 30% due to lower energy prices.” Fiscal year-to-date severance tax collections of $100.8 million were 19.1% above the $84.6 million revenue estimate, providing the state with a $16.1 million surplus for the first four months of the current fiscal year. October consumer sales and use tax collections came in just in the black at $133.4 million, which was .13% below the $133.2 million revenue estimate. The $167,000 sales tax surplus for October brought the fiscal year-to-date sale tax surplus to $17.3 million. Fiscal year-to-date sale tax collections of $623 million were 2.9% above the $605.7 million revenue estimate. October corporate net income tax collections of $17.5 million were 4.6% below the $18.4 million revenue estimate for the month. But fiscal year-to-date corporate net income tax collections of $99.7 million were still 7.7% above the $92.5 million revenue estimate, for a $7.1 million surplus. Steven Allen Adams can be reached at sadams@newsandsentinel.comLocal News
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