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Income Tax Withholding Tracker April 28, 2023
April PIT withholding came in $705 million (7 percent) below projections included in the recently released Governor's Budget. Since the Governor's Budget projections were released in January, withholding is $2.9 billion (8 percent) below the administration's projections. For the fiscal year so far, withholding is running 4.5 percent lower than last year, with most of the weakness coming in November and December of last year.
October Tax Collections November 17, 2022
Although October colletions from the state's “big three” tax revenues—personal income, corporation, and sales taxes—came in far ahead of Budget Act assumptions, this is not indicative of better than expected revenue performance for 2022-23 overall. Instead, a closer look at the data shows that the recent trend of revenue weakness continued in October.
Income Tax Witholding Tracker: August 2022 September 1, 2022
August state income tax withholding was down $450 million (6.1 percent) compared to last year.
IRS Migration Data Shows Increased Movement in 2020 August 16, 2022
New IRS data on taxpayer migration during the first year of the pandemic shows an uptick of movement between California and other states, as well as within California.
Income Tax Witholding Tracker: July 2022 August 5, 2022
California income tax withholding collections were $90 million (1 percent) lower in July compared to last year.
Income Tax Withholding Tracker: June 2022 July 11, 2022
California income tax collections were down 2 percent in June relative to last year.
Income Tax Withholding Tracker: November 1 - November 30 November 30, 2021
California income tax withholding collections in November were up nearly a third over last November.
Income Tax Withholding Tracker: October 1 - October 31 November 3, 2021
California income tax withholding in October was up 8.2 percent over October 2020, a slower growth rate than in the three previous months.
Income Tax Withholding Tracker: September 1 - September 24 September 24, 2021
The California income tax withholding surge continues, as September collections to date are 23.5 percent above last September.
August 2021 State Tax Collections September 20, 2021
Through the first two months of the 2021-22 fiscal year, collections from the state’s three largest taxes are running 20 percent ($3.6 billion) ahead of budget projections.
Income Tax Withholding Tracker: August 1 - August 27 September 7, 2021
California income tax withholding remained very strong in August, coming in nearly 20 percent above August 2020.
Income Tax Withholding Tracker: June 1-June 25 June 25, 2021
California income tax withholding continues to surge, as June collections to date are nearly 25 percent above last June.
Examining California's Income Tax Withholding Growth by Sector June 9, 2021
The state's surprisingly strong growth in income tax withholding has been led by high-tech sectors, but many other sectors are showing big gains as well.
Income Tax Withholding Tracker: May 1 - May 28 May 28, 2021
California income tax withholding in May was 29.4 percent above last May, when serious pandemic restrictions were in effect.
The 2021-22 Budget: May Revenue Outlook May 17, 2021
This post provides commentary on our May Outlook revenues.