Personal income tax down again, revenues below targets

From Vermont Business Magazine:

With the crucial personal income tax off nearly 11 percent, Vermont General Fund revenues totaled $70.31 million for May 2014, -$5.47 million or -7.22 percent below the monthly target. The personal income tax receipts were off nearly 15 percent in April. Secretary of Administration Jeb Spaulding released the May 2014 General Fund (GF) revenue results today. May is the eleventh month of fiscal year (FY) 2014. Year to date, General Fund receipts are now $1,202.86 million, -$5.38 million or -0.44 percent behind the cumulative target. Year-to-date revenue is $26.64 million (2.26 percent) ahead of the same period for the prior fiscal year (FY 2013).

Spaulding said, “Despite underperforming income tax components in April and May, estate and consumption taxes outperformed expectations. With one month left in the fiscal year, we are essentially on budgetary target for the year. From an economic perspective, the fact that personal income tax withholding receipts are 6.7 percent ahead of last year through eleven months of the fiscal year and that receipts in other important categories, such as sales and rooms and meals, are up respectably over last year is encouraging.”

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