Tax revenues stay well ahead of targets for June and year
Vermont Business Magazine Vermont General Fund tax revenues, as expected, continued to exceed expectations for the month of June and for fiscal year 2022, which ended June 30. The vital personal income tax once again led the way, exceeding targets for the month by more than $25 million. With the General Fund and Education Fund revenues comfortably above targets for the year, state revenues will be well above the projected fiscal year total, despite the Transportation Fund missing its target. The T-Fund has struggled to maintain consistency, but the increase in fuel costs could bolster revenues in the near term. Meanwhile, the Ed Fund in June fell back as sales tax receipts under-performed, despite an otherwise strong year.