by Timothy McQuiston, Vermont Business Magazine Secretary of Administration Sarah Clark today released Vermont’s revenue results for January 2026, which showed the General Fund again lagged behind targets. The Corporate tax was well below expectations, but the Personal income tax bounced back and is now just ahead of expectations for the year. The Transportation Fund also missed its monthly targets, while the Education Fund exceeded its monthly target. Consumption taxes had an overall good month, which reflects on travel and tourism.
The State’s General Fund, Transportation Fund, and Education Fund receipts were a combined $378.85 million, representing collections -$0.33 million, or 0.09% below the $379.17 million monthly target from the updated consensus forecast as adopted by the Emergency Board at its January 16, 2026, meeting.
Total General Fund revenues for January were $274.03 million, -$1.41 million or 0.5% below the $275.44 million monthly cash flow target, driven by a third month of lagging Corporate Income Tax receipts.
Revenues in the Transportation Fund were $22.8 million, representing collections -$0.5 million or 2.1% below target, with receipts in the Purchase & Use and Motor Vehicle fees finishing below their respective January targets.
Monthly Education Fund revenues of $82.02 million were $1.56 million, or 1.9%, above their January cash flow target of $80.46 million, with all components except for Motor Vehicle Purchase & Use finishing ahead of monthly consensus targets.
According to Secretary Clark: “Actual revenues to the Education Fund remain ahead of their forecasted target. General Fund and Transportation Fund revenues are behind their January targets for the year-to-date, but in each case, the shortfall represents less than half of a percentage point from the expected cumulative total.”
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