CHARLESTON — With a month left in the fiscal year, West Virginia is set to exceed the Department of Revenue’s excess tax revenue surplus estimates.

According to a monthly report released Thursday by the Senate Finance Committee, the state collected $5.9 billion for the 11 months of fiscal 2023 as of the end of May.

That’s more than the $4.2 billion estimate set by the Department of Revenue, giving the state $1.72 billion in excess tax revenue, just shy of the $1.76 billion surplus estimate Revenue officials circulated to lawmakers in January. With the fiscal year ending June 30, the state has plenty of time to exceed the Department of Revenue’s surplus estimate.

Tax revenue collections for May were $473.8 million, 39.6% more than the $339.3 million estimate, resulting in a $134.5 million surplus for the month. May tax revenue collections also exceeded collections for May 2022 of $467.5 million by 12.9%.

“This is another historic accomplishment. Setting all-time records for total collections and total surplus in state history,” Gov. Jim Justice said in a statement Thursday afternoon. “I am beyond proud of the hardworking West Virginians who made these numbers possible, and of all the companies far and wide who have invested in West Virginia, providing good-paying jobs for our people. We’re blessed beyond belief in our state, and it’s a testament to the world continuing to realize that West Virginia is the true diamond in the rough that they all missed.”

Personal income tax revenue for May of $185.5 million was 30.3% more than the $142.4 million estimate, resulting in $43.1 million in surplus for the month.

Personal income tax collections made up more than 41% of the state’s total year-to-date tax collections and 28% of the state’s year-to-date tax revenue surplus. May is the first full month since West Virginia’s 21.25% cut in personal income tax rates went into effect. The state Tax Division sent out revised withholding tables for employers at the end of March and early April. The personal income tax cut, retroactive to Jan. 1, would return $590 million to taxpayers.

May revenue from the severance tax on coal and natural gas came in at $67.9 million, more than triple the $20 million revenue estimate. Year-to-date severance tax collections of $890.4 million are more than four times the $220 million estimate, and account for more than 33% of the state total tax revenue surplus.

“This incredible surplus will allow us to continue making wise investments in our roads, schools, water systems, broadband, economic development, and much more,” Justice said. “All West Virginians will see the benefit of these dollars, and should be incredibly proud of this accomplishment today.”