first_imgFY05 YTD General Fund January-05 January-06 Monthly Personal Income Taxreceipts, which are reported Net-of-Personal Income Tax refunds, exceededtarget by $3.61 million (or 4.6 %) in January.    Personal Income Tax Receipts, by far thelargest single state revenue source, were up 22.0% from January 2005.  Secretary Smith also noted that the CorporateIncome Tax performed well during January. The Corporate Income Tax exceeded target for the month (+$0.32 million, +12.6%).  PRESS RELEASE RHofmann State of Vermont 2 1 2005-02-08T20:28:00Z 2006-02-10T18:54:00Z 2006-02-10T18:54:00Z 1 777 4432 State of Vermont 36 10 5199 10.2625 Print MicrosoftInternetExplorer4st1\:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:”Table Normal”; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:””; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:”Times New Roman”;}February 10, 2006 General Fund By Major Element (In Millions) Tax Component Among the other General Fundrevenue categories, Estate Tax receipts performed above the latest targets,finishing $1.68 million ahead of projections in January. FY06 YTD % Change Montpelier, VT – Secretary ofAdministration Michael K. Smith Announces January 2006 Revenue Results For TheState Of Vermont: January General Fund Revenues Positive; Transportation Fund Revenuesagain fall below projections.  Secretary of Administration MichaelK. Smith today released General Fund revenue results for the month of January,the seventh month of fiscal year 2006. General Fund revenues totaled $135.20 million for January 2006, $5.66million or 4.4% more than the $129.49 million consensus revenue target for themonth.  January results were also $16.26million (or +13.7%) higher than the solid General Fund revenues in January 2005.  Year to date, General Fund revenues totaled $656.64million.  Secretary Smith noted, We wererelieved to once again exceed our newly revised General Fund target for themonth.  It is important to note that the higherthan anticipated revenues in January were largely due to above target receiptsin both Personal and Corporate Income Tax revenues.  The monthly targets reflect the most recentfiscal year 2006 Consensus Revenue Forecast that was agreed to by the EmergencyBoard on January 11, 2006.  The States Consensus Revenue Forecast isupdated two times per year in January and July.  The Sales and Use Tax surpassedprojections for January (+$0.70 million or +2.6%).  Receipts in the Rooms and Meals Tax wereslightly above expectations as well (+$0.40 million or +0.4%).  Both figures reflect actual purchases inDecember, indicating a good holiday retailing season for the state, commentedSmith. % Changelast_img

Leave a Reply

Your email address will not be published. Required fields are marked *