Personal Income Tax Revenues Drag Down July Report

From Vermont Business Magazine:

Preliminary tax revenue data for July, the first month of fiscal year 2017, reflects a slightly down month for the General, Fund, Transportation and Education Funds. The General Fund for the month of July collected $108.51 million, -$1.30 million or -1.19% below revenue targets adopted by the Emergency Board on July 21, 2016. The underperformance was driven primarily by the Personal Income Tax at -$6.17 million or –11.22% below target. The Personal Income Tax is the largest single revenue source in the state. Better than projected performance in the Corporate Tax of +$1.3 million or +71.63% , the Inheritance and Estate Tax of +$1.38 million or +39.04% and the Other Taxes Category of +$1.86 million or +17.01% helped to soften the blow dealt by the Personal Income Tax shortfall.

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