We discuss our May revenue outlook.
Based on the most recent revenue and economic data, we currently estimate that collections from the state’s “big three” taxes—personal income, sales, and corporation taxes—are likely to fall below the Governor's Budget assumption of $200 billion in 2022-23.
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.
August state income tax withholding was down $450 million (6.1 percent) compared to last year.
We discuss our May revenue outlook.
Based on the most recent revenue and economic data, we currently project that there is a very good chance that collections from the state’s “big three” taxes will exceed the Governor's Budget assumption of $185 billion in 2021-22 by at least several billion dollars.
Based on the most recent revenue and economic data, we currently project that there is a very good chance that collections from the state’s “big three” taxes will exceed the Governor's Budget assumption of $185 billion in 2021-22 by at least several billion dollars.
Based on the most recent revenue and economic data, we currently project that there is a strong chance that collections from the state’s “big three” taxes will exceed the Governor's Budget assumption of $185 billion in 2021-22.
California income tax withholding collections in November were up nearly a third over last November.
We discuss the revenue estimates in our recently released Fiscal Outlook.
California income tax withholding in October was up 8.2 percent over October 2020, a slower growth rate than in the three previous months.
Based on the most recent revenue and economic data, we currently project that there is a good chance that collections from the state’s “big three” taxes will exceed the budget act assumption of $170 billion in 2021-22 by at least several billion dollars.
The California income tax withholding surge continues, as September collections to date are 23.5 percent above last September.
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.
Based on the most recent revenue and economic data, we currently project that there is a strong chance that collections from the state’s “big three” taxes will exceed the budget act assumption of $170 billion in 2021-22.