Gov. Jim Justice announced a $1.8 billion tax revenue surplus in his first video appearance since gallbladder surgery Monday. (Screengrab photo)
CHARLESTON — In his first video appearance since gallbladder surgery Monday, Gov. Jim Justice praised West Virginia for ending the fiscal year at midnight Friday with more than $1.8 billion in surplus tax revenue.
“We just did it with everyone pulling the rope together,” Justice said in a pre-recorded video message Friday morning. “You deserve so much credit, West Virginia. It’s your money and you’re the ones who made it happen. You’re the engines that moved this great state right to the forefront, where everyone now recognizes us as the place to be to come”.
Official tax revenue numbers for the general revenue budget for fiscal year 2023, which ended at midnight Friday, won’t be available until after this weekend. But according to the Governor’s Office, the state ended the fiscal year with roughly $6.5 billion. The general revenue figure of $6.5 billion is 10% more than the fiscal year 2022 tax revenue collection of $5.9 billion, more than 41% more than the general revenue budget of $4.6 billion approved by the Justice and Legislature, and 1.6% more than the unofficial estimate of $6.4 billion. established by the Department of Finance. Justice said the $6.5 billion general revenue figure is the first time the state has brought in more than $6 billion in tax revenue. The resulting revenue will exceed $1.8 billion, approaching the Treasury Department’s unofficial surplus estimate of $1.764 billion.
“We shattered all kinds of records and all for a surplus beyond belief in West Virginia.” said the justice. “It’s mind-boggling and hard to believe in so many ways.”
Of that $1.8 billion in excess tax revenue, $1.2 billion is already being talked about. The $4.875 billion general revenue budget approved earlier this year by the Legislature for fiscal year 2024 that begins Saturday includes more than $1.165 billion in one-time funding placed in the surplus section to the back of the budget to pay if the state ends the current one. fiscal year with surplus tax revenue. Another $231 million will be transferred to the state’s Rainy Day Fund. As of May, the Rainy Day Fund has more than $949 million. In Friday’s news release, Justice said he would begin working with the Legislature to appropriate the remaining $454 million.
“I will work with the Legislature to take what’s left unappropriated and continue to make wise investments in what we know will bring us the most goodness, like infrastructure, federal parties and tourism, because the more we tell the world about West Virginia, how more people will want to live, work and raise their families here.” said the justice. The Treasury Department projected it will end fiscal year 2024 next June with $6.1 billion in tax revenue and a $1.2 billion surplus. It will be necessary to see how the 21.25% personal income tax reduction, the 100% tax rebate on tangible movable property for vehicles, the 50% rebate on tangible movable property taxes on inventories and equipment and other exemptions fiscal will affect the revenue numbers for the new fiscal. course House Bill 2526, the tax cut bill passed by the Legislature earlier this year, would return up to $750 million annually to state taxpayers. Justice said West Virginia’s economic conditions have brought positive attention to the state.
“We are no longer that state that everyone thought was too backward, absolutely poor and dirty and whatever.” said the justice. “All the bad jokes, we’re rubbing our noses in it in a lot of ways. I’m so proud of you. Let’s keep going. … We still have a long way to go and we still want to keep trying to help anyone and everyone we can in our state.”
Rep. Mike Pushkin, D-Kanawha, chairman of the West Virginia Democratic Party, attributed the state’s economic success to President Joe Biden’s policies. He accused the Justice and Republican legislators of hypocrisy.
“The governor. Justice and West Virginia Republicans want to have it both ways.” Pushkin said. “Jim Justice and the West Virginia GOP say President Biden is destroying the economy, but then brag about how well the economy is doing under his leadership. It just doesn’t make sense.”
Pushkin also praised Biden and U.S. Sen. Joe Manchin, DW.Va., for pushing through federal legislation with billions of dollars in funding for West Virginia. The state is getting $1.2 billion for broadband expansion from the $1.2 trillion Jobs and Infrastructure Investment Act, the 2021 bill brokered by Manchin and U.S. Sen. Shelley Moore Capito, RW.Va. Manchin is running for a third six-year term in the U.S. Senate in 2024, although he has not announced his intentions to seek re-election. Justice is seeking the Republican nomination for the U.S. Senate in 2024. Pushkin attacked Justice for his numerous tenure business problems in recent weeks and months.
“Thanks to Senator Manchin, West Virginia is receiving a record amount of federal dollars to grow our economy and create jobs.” Pushkin said. “Joe Manchin proves every day that leadership involves more than having a photogenic bulldog.”
Justice’s video was her first public appearance since undergoing gallbladder surgery Monday afternoon. In a press release Monday, the Governor’s Office said Justice began experiencing pain on June 22. In Friday’s video, Justice said he returned to his Lewisburg home Tuesday after Monday’s surgery.
“I have to admit that the last few days have been a bit rough,” said the justice. “It’s all good, a little sore and sure to get your attention.”
Steven Allen Adams can be reached at sadams@newsandsentinel.com.
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