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Thursday, May 2, 2024

Individual income tax revenue down 32.8% from previous quarter in Vermont

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Vermont Tax Commissioner Craig Bolio | Vermont Department of Taxes

Vermont Tax Commissioner Craig Bolio | Vermont Department of Taxes

Vermont collected $269 million in individual income taxes during the third quarter of 2023, a 32.8% decrease from the second quarter of 2023, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

The previous quarter's individual income tax revenue was $400 million.

Individual income taxes are based on net personal income and taxes imposed on such income as dividends, interest, and income from intangibles.

In addition to detailed tax revenue data from each state, the Quarterly Summary of State and Local Government Tax Revenue includes an estimate of state and local government tax revenue at a national level.

The Census Bureau cautions that it sets the tax classifications among the survey categories, and they may differ from the classifications set by the state governments.

Overall, Vermont collected $757 million in combined tax revenues in the the third quarter of 2023, a decrease from the $2.1 billion collected in the previous quarter.

Q3 2023 Vermont Tax Collections
Type of TaxAmount (millions)
Property Taxes$1
Sales and Gross Receipts Taxes$366
Individual Income Taxes$269
Corporation Net Income Taxes$56
License Taxes$30
Other Taxes$34
Source: U.S. Census Bureau

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