Transcript Current Revenue

Vermont Budget for 2004
$3,574,308,641
or about
$3.574 Billion
Sources of Revenue:
•
•
•
•
Federal Funds:
Tax Dep’t Revenue
Property Value Taxes
Other Fees/Taxes
$1.083 B
$1.063 B
$741.6 M
$677 M
What does ‘Other’ include?
• Motor Vehicle Fees
• Certain Gas and Fuel Taxes
• Licensing and Permitting Fees by ANR,
Sec. State, judiciary, and others
Complexity
• Tax Department – 37 line items in
Revenue account reports, each with
own set of rules and regs, not
including property value tax.
• Fees – Hundreds, if not thousands,
administered and collected by
various agencies. No compilation list
exists. 1/3 of updated fees are
reviewed annually by the JFO.
Complexity, continued
• Few reliable sources of information exist.
• Must master the Bureaucratic shuffle to
begin to assemble worthwhile info.
Goal of revenue analysis:
Q. How much revenue raised in VT?
A. $2.117 B dollars instate revenue
Starting point for green tax shift.
2004 Vermont Revenue
Beverage
Captive Insurance
Insurance
Cigarette
Tobacco Products
VT taxes-2004
Other general taxes
Other fees
Telephone Company
Bank Franchise
TOTAL ENERGY
Telephone Property
TOTAL AIR AND WATER
Telecommunications
TOTAL WASTE
Corporate Income
Meals & Rooms
Sales & Use
Estate Tax
Personal Income
TOTAL PROPERTY
2004 Vermont Revenue
Tobacco Products
Cigarette
Beverage
Captive Insurance
Other general taxes
Other fees
VT Taxes-2004
TOTAL ENERGY
Insurance
Telephone Property
Bank Franchise
Telephone Company
TOTAL AIR AND WATER
TOTAL WASTE
TOTAL CHEMICALS
Speculative Gains Tax
Telecommunications
Corporate Income
current use property
Meals & Rooms
land-NICU
Sales & Use
Estate Tax
buildings-NICU
Personal Income
Property Transfer Tax
2004 Vermont “Green” Revenue
Captive Insurance
Insurance
Telephone Company
Beverage Cigarette
Tobacco Products
Other general taxes
VT Taxes-2004
TOTAL WASTE
Other fees
Bank Franchise
TOTAL ENERGY
TOTAL AIR AND WATER
TOTAL CHEMICALS
Speculative Gains Tax
Telephone Property
Telecommunications
current use property
Corporate Income
land-NICU
Meals & Rooms
Sales & Use
Estate Tax
buildings-NICU
Personal Income
Property Transfer Tax