Vermont collected $275 million in individual income taxes during the fourth quarter of 2022, an 18.5% increase over the same period in the previous year, according to the U.S. Census Bureau’s Quarterly Summary of State and Local Taxes.
In the fourth quarter of 2021, $232 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 $862 million in combined tax revenues in the fourth quarter of 2022.
| Type of Tax | Amount (in millions of dollars) |
|---|---|
| Property Taxes | $117 |
| Sales and Gross Receipts Taxes | $367 |
| License Taxes | $32 |
| Individual Income Taxes | $275 |
| Total Income Taxes | $311 |
| Other Taxes | $36 |
Source: U.S. Census Bureau
