California income tax collections this month to date are 7.8 percent above last February, and cumulative collections since late March are up 6.4 percent over the same period in 2019-20.
Revenue collections through January have been well ahead of projections in the recently released 2021-22 Governor’s Budget. After accounting for changes in constitutionally-required spending, we estimate that these higher-than-expected collections represent a roughly $4 billion increase in discretionary state funding relative to the Governor’s Budget.
California withholding collections through January 25 were up 7 percent from the comparable days in 2020, and withholding since March 23 is up 6.1 percent.
California income tax withholding in December to date is up 19 percent from 2019, and collections since March 23 are up 5 percent.
Income tax withholding this week kept pace with the same week in 2019, and collections since late March are 3.5 percent above 2019.
Income tax withholding again ran ahead of last year's pace, and is up 3.6 percent from last year since late March.
Withholding this week was up 6 percent from the same week last year, pushing the cumulative gain since late March to 3.5 percent.
Income tax withholding kept pace with the same week in 2019, and collections since March are up 3.4 percent from 2019.
We examine whether economic effects of COVID-19 can be observed in weekly withholding data.