Personal income tax rebounds in August

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Personal income tax rebounds in August

Fri, 09/08/2017 - 4:43pm -- tim

Vermont Business Magazine The Personal Income Tax should renewed strength last month and is now ahead of fiscal year expectations. The Personal Income tax is the most important General Fund revenue source and has struggled the last two years despite downward projections. General Fund revenues collected for the month totaled $102.82 million, $1.11 million above the consensus revenue target adopted by the Emergency Board on July 21, 2017 according to Secretary of Administration Susanne Young. Personal Income Tax experienced a +$3.26 million up while the Corporate Tax experienced a -$2.13 million shortfall. All other components of the General Fund were only slightly ahead, or behind, target.

August marks the second month of fiscal year 2018.

The Transportation Fund collected $23.84 million for the month, -$0.05 million below its $23.89 million target. The Gasoline, Diesel and Motor Vehicles Purchase ended slightly below target, while the other components finished just above target.

The Education Fund collected $15.92 million for the month, +$0.18 million above the target of $15.74 million.

Secretary Young stated, “Overall, we are pleased with the first two months of the new fiscal year. The General and Transportation Funds are on target, while the Education Fund is only slightly off target due to small misses in the Sales and Use, and Purchase and Use Taxes.”

Compared to last fiscal year, the General Fund revenues are off by -$.08 million, $205.14 million vs $205.22 million. The Transportation and Education Funds revenues are slightly ahead by $1.85 million and $1.09 million respectively.

Source: Administration Secretary. 9.8.2017