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Tuesday, December 24, 2024

Vermont's income tax revenue up 5% in year since Q4 2020

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Vermont collected $232 million in individual income taxes during the fourth quarter of 2021, a 5% increase over the same period the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the fourth quarter of 2020, $221 million was collected.

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 state governments.

Overall, Vermont collected $780 million in combined tax revenues in the fourth quarter of 2021.

Q4 Vermont Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$105
Sales and Gross Receipts Taxes$336
License Taxes$32
Income Taxes$269
Other Taxes$38

Source: U.S. Census Bureau

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