State gets $13 million windfall inheritance
9:55 a.m.
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The Associated Press - Published: June 9, 2009
MONTPELIER — The Vermont budget is getting a $13 million boost at a critical time.
State officials say the money came from an estate tax of someone who was worth between $80 million and $100 million at the time of their death last year.
Tax Commissioner Tom Pelham says he’s forbidden by law from identifying the person who died.
Lawmakers used the money to plug some holes in the state budget.
The Burlington Free Press says lawmakers decided to use $1.5 million for college scholarships. The rest will be used as insurance in case state revenues takes another dive this month.
The money could possibly spare various state special funds from being cut and could give the state the first step out of a $67 million hole in the 2011 budget.
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