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Joint Fiscal Office: Purchase-and-use tax growing, shifting share of transportation revenue
Summary
Logan Bilberry, an analyst with the Joint Fiscal Office, told the Senate Transportation Committee on March 18 that Vermont’s purchase-and-use tax is the fastest-growing source of revenue for the Transportation Fund and is projected to increase faster than inflation through 2030.
Logan Bilberry, an analyst with the Joint Fiscal Office, told the Senate Transportation Committee on March 18 that Vermont’s purchase-and-use tax is the fastest-growing source of revenue for the Transportation Fund and is projected to increase faster than inflation through 2030.
Bilberry said 32 VSA §8903 sets the purchase-and-use rules and that the tax imposes a 6% rate on the value of motor vehicle purchases and a 9% tax on short-term rental vehicle charges. "32 VSA 8903 is the statute that lays out the purchase and use tax," Bilberry said.
The committee heard that current law directs two-thirds of purchase-and-use revenue to the Transportation Fund and one-third to the Education Fund. Bilberry presented forecasts showing that purchase-and-use…
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