Revenue report shows decline in income tax withholding

by Angela Chagnon

Steve Klein, Director of the Joint Fiscal Office, gave state revenue update to the House Ways and Means Committee showing a $4.3 million decline in personal income tax revenue.

“[The decline] appears to be in withholding,” explained Rep. Carolyn Branagan (R-Georgia), who is vice chair of the committee. Branagan is worried that the deficit means that fewer Vermonters are employed. Otherwise the report appeared not to be particularly concerning.

The report covered up to February 2011. The fiscal year for 2011 ends in June. Branagan pointed out that corporate income taxes, due March 15, and personal income taxes, due April 15, would help to fill the deficit.