Eight Days Left in April — Still Nearly $4 Billion Short
With eight days left in April, personal income tax receipts crested $5 billion – less than half the $12.8 billion collected in April 2008 and almost $4 billion short of the $8.9 billion, Governor Arnold Schwarzenegger’s Department of Finance estimates the state will take in during the month.
April is a crucial budgetary month because it is when the state receives the most personal income tax revenue. Less-than-expected revenue worsens the state’s budget imbalance which is already estimated at a minimum of $8 billion. Better-than-anticipated collections narrow the gap between cash and spending
The Monday after the April 15 filing deadline — April 20 — saw $1,150,715 in collections. But the subsequent Tuesday and Wednesday saw only $525,930 and $397,506, respectively.
On the same Tuesday and Wednesday in 2008, $650,876 and $694,486 were logged.
The Franchise Tax Board cautions that each year the timing of returns being received and when they get counted varies. A multi-billion dollar bonanza could occur on April 30. However, with eight days left, being $4 billion short of the break-even line, is far from ideal.
Filed under: Budget and Economy
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