Vermont revenues buoyed by estate taxes
MONTPELIER (AP) - Vermont officials say state revenues from income taxes have been down over the last few months, but those losses are being made up by unanticipated revenue from estate taxes.
Eleven months into the fiscal year, personal income tax receipts are off about $17 million, or 3 percent of projections.
But Administration Secretary Jeb Spaulding says the gains in the estate tax are more than making up for the losses in the income tax because a small number of wealthy people died.
Spaulding tells Vermont Public Radio that if the state is going to make its revenue goal for the fiscal year that ends June 30 it will be because of the estate tax receipts.
He says the estate tax is unpredictable, but it's helping out this year.
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