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Saturday, December 21, 2024

Lower individual income tax revenue in West Virginia as of Q3 2023 compared to Q3 2022

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West Virginia Tax Commissioner Matthew Irby | West Virginia State Tax Department

West Virginia Tax Commissioner Matthew Irby | West Virginia State Tax Department

West Virginia collected $496 million in individual income taxes during the third quarter of 2023, an 18.4% decrease from the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the third quarter of 2022, $608 million was collected in individual income taxes.

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 $1.5 billion in combined tax revenues in the third quarter of 2023.

Q3 2023 West Virginia Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$3
Sales and Gross Receipts Taxes$807
License Taxes$46
Individual Income Taxes$496
Total Income Taxes$552
Other Taxes$92

Source: U.S. Census Bureau

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