Income tax lags, but revenues up
Income tax lags,
but revenues up
MONTPELIER — Vermont’s largest source of tax revenue — the personal income tax — is coming into state coffers at slightly less than the expected pace.
But Administration Secretary Jeb Spaulding said he’s not worried, because it appears to be less a function of the underlying economy than the timing of collections.
He said he’s encouraged that sales-and-use and rooms-and-meals tax receipts ran 5 percent to 6 percent ahead of expectations for September.
Overall tax collections for September were about $121 million — just a hair ahead of what was expected for the month.