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Saturday, December 28, 2024

West Virginia's income tax revenue down 16.4 percent in year since Q3 2020

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West Virginia collected $513 million in individual income taxes during the third quarter of 2021, a 16.4 percent decrease from the same period the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the third quarter of 2020, $614 million was collected.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest and income from intangibles.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by state governments.

Overall, West Virginia collected $1.4 billion in combined tax revenues in the third quarter of 2021.

Q3 West Virginia Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$3
Sales and Gross Receipts Taxes$763
License Taxes$83
Income Taxes$588
Other Taxes$2

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