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Thursday, November 14, 2024

West Virginia's combined tax revenues down 13.4% in Q1 compared to same quarter of the previous year

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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 $1.5 billion in income, license, miscellaneous other, property and sales and gross receipts taxes during the first quarter of 2024, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

This represents a 13.4% decrease from the same quarter of the previous year, when combined tax revenues were $1.8 billion.

The majority of the state's tax revenue was collected through sales and gross receipts taxes ($844 million) and income taxes ($502 million).

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 it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments. Also, not all states collect all types of taxes.

Q1 West Virginia Tax Collections

Type of TaxAmount (millions)
Income Taxes$502
License Taxes$43
Other Taxes$141
Property Taxes$2
Sales and Gross Receipts Taxes$844

Source: U.S. Census Bureau

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