Personal Income Tax continues to struggle

Vermont Business Magazine – The Personal Income Tax, the most important of Vermont’s revenue sources, was again steeply lower than projections and is running behind for the fiscal year. The Corporate Tax, which has helped make up some of the difference, also fell back but continues to stay well ahead of targets. The consumption taxes showed mixed results, with the gasoline tax well behind again and in need of adjustment, the sales tax slightly ahead and rooms & meals off. The Lottery had a big month. Secretary of Administration Jeb Spaulding released the preliminary November fiscal year (FY) 2015 revenue results today.

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