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Income Tax Withholding Tracker October 3, 2024
September PIT withholding came in $217 million (3 percent) above projections included in the 2024-25 Budget Act. For the fiscal year so far, 2024-25 PIT withholding is running in-line with budget act projections.
IRS Data Show Pandemic Uptick in Outmigration Continues July 31, 2024
Recently released figures from the Internal Revenue Service (IRS) show that California continues to lose taxpayers to other states. The state has long had annual net outmigration (more people moving out of California to other states than moving in) but the trend has increased since 2020. Looking ahead, should the heightened trend of net outmigration continue, it could drag down annual income tax revenue growth below its long-term average.
Recent Revenues Coming in Below Governor's Budget Projections January 22, 2024
In the first few weeks of January, real-time personal income tax (PIT) revenue collections are running $3 billion to $4 billion short of the January target for current year revenue projections included in the 2024-25 Governor's Budget.
How Does Tech Company Equity Pay Affect Income Tax Withholding? November 16, 2023
California's technology companies, including giants like Apple, Google, Nvidia, and Meta, are some of the most valuable companies in the world and support thousands of high-paying jobs in the state. Many employees at these companies receive equity pay, such as stock options, as part of their compensation. State income tax withholding on this equity pay has grown notably, reaching 6 percent in the last few years. The recent jump in these companies' stock prices, which affects withholding on equity pay, has bolstered otherwise weak income tax withholding during 2023.
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.