Vermont's combined tax revenues down 9.5% from Q4 to Q1 2023

Vermont Tax Commissioner Craig Bolio | Vermont Department of Taxes

By Green Mountain Times

Apr 2, 2023

Combined tax revenues in Vermont decreased 9.5% in the first quarter of 2023 in comparison to the previous quarter, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.

Overall, Vermont collected $781 million in taxes during the first quarter of 2023, compared to $863 million in the previous quarter.

The majority of the state’s tax revenue was collected through general sales and gross receipts taxes ($401 million) and income taxes ($325 million).

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.

Q1 Vermont Tax Collections