Good but Not Great
Traditionally, the final two Mondays of April – after the income tax deadline on the 15th — are the biggest collection days of California’s biggest income tax collection month.
On April 20, the Franchise Tax Board reported $1,150,715 billion in income tax revenue, pushing the month’s total collections to nearly $4.1 billion.
The budget Gov. Schwarzenegger signed in February is premised on the state collecting $8.9 billion in income tax revenue in April.
Last year, the Monday following the first weekend after April 15 the state posted $1.6 billion in income tax collections and $2.8 billion the following Monday. There was an additional $1.4 billion on Tuesday.
To reach the $8.9 billion, April 27 and April 28 will need to be as robust as April 28 and April 28 were last year.
Filed under: Budget and Economy
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