Press Release

State tax revenue up 23% in September, 9% for first quarter

Revenue exceeds expectations lowered by pandemic

General Fund revenues for the month of September were $165.97 million versus the monthly target of $134.49 million, +$31.49 million or +23.41% above the consensus target, Administration Secretary Suzanne Young reported today

The largest single above target performance was Personal Income Tax receipts, which were +$22.89 million or +29.20% above the monthly target of $78.39 million. Corporate Income Tax receipts of $24.03 million were also ahead of target by +$8.90 million, or +58.9%. Year-to-date General Fund revenues were $572.80 million, +$49.27 million or +9.41% above the consensus target of $523.54 million. 

“The fact that receipts for the first quarter of this fiscal year exceeded forecasts in all three funds is a positive development,” concluded Secretary Young. “The forecasts adopted in August, however, were lowered significantly from the January forecast pre-pandemic and the receipts this quarter if viewed against that earlier forecast reflect the current difficult and uncertain economic circumstances presented by the pandemic.”

Meals and Rooms tax receipts were down, while property transfer taxes were up. Both trends reflect the impact of the pandemic. Tourism is way down, while out-of-staters are buying Vermont homes at a rapid pace. 

Categories: Press Release

Leave a Reply