Economists for Vermont's governor and Legislature say businesses are expanding, but they're faced with increasing expenditures, resulting in less corporate tax revenue for the state.
Economists Jeff Carr and Tom Kavet gave their twice yearly revenue forecast Thursday for the state's Emergency Board. They said without the large decline in corporate tax revenue, overall projected general fund revenue would be up $1.8 million in the current fiscal year, and up $3.3 million for the 2018 fiscal year.
Carr said the state owes large amounts back to companies in refunds as their expenditures increase and profits decrease.
In the 2015 fiscal year, the top 15 corporate taxpayers in Vermont paid a total of $52.4 million into the state's coffers. In the 2017 fiscal year, the top 15 corporate taxpayers are expected to contribute just $ 6.1 million.
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