FILE - West Virginia capitol

The West Virginia state Capitol on the Kanawha River in Charleston.

(The Center Square) – West Virginia recorded a $124.4 million revenue surplus in December, according to numbers released by the West Virginia State Budget Office.

The $506.8 million in general revenue collections were also nearly one-third higher than the previous year’s December receipts. The revenue growth was the highest on record since the 1970s. This is in part due to the state rebounding from its poor pandemic-era numbers.

“We really have the economic engine of this state humming in a way that it hasn’t for a long, long time,” Gov. Jim Justice said in a statement. “Month after month, we are setting record after record with our revenue collections. It’s flat out outstanding. The people of West Virginia should be incredibly proud of what we’ve done, and I truly believe that we are only just getting started. There’s more and more goodness to come.”

Personal income tax collections were $26.8 million above December’s estimates and 13.9% above last year’s collections. The state also collected $51.1 million above monthly estimates for corporation net income tax and the collections were nearly 66% of the previous year. Collections from the consumer sales tax were $20.1 million above December’s estimates and 18.1% above last year’s collections. Severance tax collections were nearly $30.4 million above estimates and were 300% higher than the previous year.

Year-to-date collections for the fiscal year are also higher in every category when compared to the last fiscal year: personal income tax collections are 10.4%, corporation net income tax collections are 67.8% higher, consumer sales taxes are 9% higher and severance tax collections are 168% higher.

High energy prices are contributing to the higher severance tax revenue.

Staff Reporter

Tyler Arnold reports on Virginia and West Virginia for The Center Square. He previously worked for the Cause of Action Institute and has been published in Business Insider, USA TODAY College, National Review Online and the Washington Free Beacon.