From the Vermont Business Magazine:
by Timothy McQuiston, Vermont Business Magazine –
Just as the state economists suggested might happen in regards to personal income tax revenues, April receipts were the largest on record in the state of Vermont at $160.76 million, in data released today. The economists made this prediction in large part because of growing corporate profits in 2014 that did not show up in typical personal income withholding, but had to be accounted for once taxes were filed. Corporate, Sales and Rooms & Meals tax receipts were also ahead of their targets, finally pushing overal tax revenues ahead of expectations.
Overall, preliminary General Fund (GF) revenues totaled $219.06 million for April 2015, +$14.39 million or +7.03% above the projected monthly target. Year-to-date, GF receipts now stand at $1,185.86 million, +$26.45 million or +2.28% above the cumulative target. Year-to-date GF revenue is also +$53.31 million higher than last fiscal year at this time, a sign of a strengthening economy.
For the full article please visit: http://vermontbiz.com/news/may/vermont-tax-revenues-indeed-reveal-april-surprise