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North Country News
Mon January 14, 2013
Corporate Income Tax Saves Vermont Revenues
Corporate income tax receipts kept Vermont revenues on track in December, while other taxes ranging from those on personal income to motor fuels performed short of their targets.
Administration Secretary Jeb Spaulding says overall general fund revenues are running nearly 2 percent short of their target for the first six months of the current fiscal year.
The personal income tax continued to lag in December, coming in at about $57 million, or nearly 4 percent less than what had been expected when state revenue targets were set in July.
But corporate income taxes came in at $22.5 million, about 73 percent ahead of what had been expected for the month.
Both the sales and use, and rooms and meals, taxes lagged their targets in December.
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