Vermont: September Tax Revenues Better
Vermont Business Magazine: Corporate tax revenue continued to do well and helped offset another sluggish month for the Personal Income tax, leading to a slightly positive result for Vermont’s overall revenues in September. The General Fund was up 1.17 percent for the month, the Transportation Fund was up 3.7 percent and the Education Fund was up 2.08 percent. The Corporate results were not enough, however, to make up for slowness earlier in the summer, which have put the state General Fund revenues behind its target so far this fiscal year, which began July 1. The Transportation and Education Funds, on the other hand, are ahead of fiscal year expectations, albeit slightly. Secretary of Administration Jeb Spaulding released the preliminary September and first quarter fiscal year 2015 revenue results today for the General, Transportation, and Education Funds.
Along with the Personal Income Tax, which is the most important single revenue source for the state, the Gasoline Tax is not only below targets for the month and fiscal year, it is well below the actual revenues from a year ago, which makes it the only major revenue source lagging behind year-to-year.
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