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Monday, September 23, 2024

West Virginia's income tax revenue up 18.5% in year since Q3 2021

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West Virginia collected $608 million in individual income taxes during the third quarter of 2022, a 18.5% increase over 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 2021, $513 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 $1.9 billion in combined tax revenues in the third quarter of 2022.

Q3 West Virginia Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$3
Sales and Gross Receipts Taxes$838
License Taxes$44
Income Taxes$711
Other Taxes$278

Source: U.S. Census Bureau

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