We have received preliminary data from tax agencies concerning California's state income tax collections in December 2015.
Personal income tax collections in September were hundreds of millions above the Governor's projections for the month.
In total, 2014-15 General Fund agency cash revenue collections exceeded the Governor's estimate, as incorporated in the 2015-16 budget plan he signed into law last month, by $732 million.
Collections of the state's three major General Fund taxes combined for 2014-15 were over $650 million above the Governor's projections as incorporated into the budget act signed on June 24.
This note provides information on March 2015 state tax collections.
The preliminary December 2014 income tax totals increase the chances that General Fund revenues in 2014-15 will be billions of dollars above what our office projected a few weeks ago.