Income tax, internet tax, school tax revenue – all up, state forecaster says – VT Digger

Legislators love news like what they heard yesterday – they should expect an extra $44 million in revenue over the next two years. Now – what should they spend it on?

"General fund revenue is up by $18.4 million this year, and $15.5 million in the next fiscal year. A boost in personal income tax receipts largely drove the increase in the general fund this year. Personal income revenues came in $15.5 million higher than the last revenue forecast in July, according to Kavet’s report. Education fund revenues are also up — by $4.7 million this year and $5.7 million in the 2021 fiscal year. The state has seen an increase in sales and use tax revenue, in part because it is now collecting additional sales tax from online retailers.

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