Tax receipts are slightly ahead of projections as the state enters its most critical tax collection month.
General fund receipts for fiscal year 2015 are 1.26 percent above target at $966.8 million, according to data released by the Agency of Administration. Receipts for March were 5.49 percent (or about $5 million) above target at $98.2 million, the administration said in a news release.
Personal income tax receipts continued to lag in March, coming in almost 9 percent below expectation. Personal income is 0.11 percent below forecast for the year.
April is the top-grossing month as income taxpayers who owe money to the state tend to wait until the April 15th deadline, Administration Secretary Justin Johnson said.
“The April numbers are really the ones to watch for personal income,” Johnson said. “I don’t expect there will be a huge jump above the forecast, but I am confident that we will come in right around the forecast. That then would mean we wouldn’t have to make any further adjustments between now and the end of the year.”
Sales and use tax receipts were also off in March at 5.4 percent below forecast. Yearly collections stand at $180.9 million, or 0.77 percent below forecast.
Corporate income in March was $8 million above projection at $28.5. Corporate receipts exceed projections by $14.7 million, or 20.1 percent, for FY 15.
“One of the reasons for the relatively high number — I think it was up a fair bit over where we expected to be – is we didn’t have as many refunds as we thought,” Johnson said.
Transportation fund income was $22.8 million in March, 5.1 percent above projection and about even with the forecast for the year.
Education fund receipts were about 3.9 percent below forecast for March at $13 million and are of 0.2 percent for the year at $135.4 million.
General fund receipts are up $40.6 million compared to FY 14, a sign that the economy is growing, Johnson said.
“It’s important to remember because I think sometimes we get very focused on what this month is doing,” he said.
VTDigger’s Elizabeth Hewitt contributed to this report.
