West Virginia revenue collections beat August estimate by $35M

West Virginia collected roughly $450 million in August tax revenue, exceeding the monthly estimate by $35 million. Through the first two months of the fiscal year, collections were $46 million above estimates.

Personal income tax collections reached $170 million for the month, $15 million above estimates and $36 million higher than the same period a year earlier. Revenue Secretary Eric Nelson attributed much of the increase to stronger withholding, likely reflecting higher wages.

The governor's office noted that personal income tax collections are expected to slow as the state's new 5% reduction takes full effect. Sales and severance taxes also finished August above estimates, while corporate net income tax collections remained weaker.