Vermont Paying Out More Than Expected In Tax Refunds

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(Host) Some Vermonters are receiving larger than expected state income tax refund checks this winter-a situation that could increase Vermont’s projected budget gap for next year.

Administration Secretary Jeb Spaulding says the good news is that income tax revenues are running roughly 10% higher than a year ago. The bad news is that the receipts are not meeting projections for this year:

(Spaulding) "It is an unusual situation where we for the month have an actually negative number in terms of income receipts because of the refunds. I think what it does is actually add a great deal of uncertainty and importance about what kind of receipts we’re going to receive in April."

(Host) Spaulding says international events could also have a critical impact on state revenues for the coming months.

(Spaulding) "When we see the uncertainty of world events whether it’s in northern Africa or the Middle East or the tragedy in Japan those global events can have a bigger impact on our revenue stream than what’s happening right in our back yard so we still are in caution mode."

(Host) Spaulding says revenue from the sales tax and the meals and room tax are both running slightly under projections for the year. He says he hopes a strong end to the ski season will help reverse that trend.

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