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Monday, December 23, 2024

Lower individual income tax revenue in Vermont as of Q1 2023 compared to Q1 2022

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Vermont Tax Commissioner Craig Bolio | Vermont Department of Taxes

Vermont Tax Commissioner Craig Bolio | Vermont Department of Taxes

Vermont collected $239 million in individual income taxes during the first quarter of 2023, a 2.4% decrease from the same period in the previous year, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.

In the first quarter of 2022, $245 million was collected in individual income taxes.

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 $783 million in combined tax revenues in the first quarter of 2023.

Q1 2023 Vermont Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes-$21
Sales and Gross Receipts Taxes$401
License Taxes$45
Individual Income Taxes$239
Total Income Taxes$325
Other Taxes$31

Source: U.S. Census Bureau

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