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Monday, December 23, 2024

Lower individual income tax revenue in Vermont as of Q2 2023 compared to Q2 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 $400 million in individual income taxes during the second quarter of 2023, a 27% 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 second quarter of 2022, $548 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 $2.1 billion in combined tax revenues in the second quarter of 2023.

Q2 2023 Vermont Tax Collections

Type of TaxAmount (in millions of dollars)
Property Taxes$1,114
Sales and Gross Receipts Taxes$354
License Taxes$38
Individual Income Taxes$400
Total Income Taxes$506
Other Taxes$38

Source: U.S. Census Bureau

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