April’s Over: State Falls $3.3 Billion Short on Tax Collections

The final tally for April income tax collections reported by the Franchise Tax Board is just over $7.6 billion — roughly $2.9 billion short of the $10.5 billion Gov. Arnold Schwarzenegger expected in his January budget proposal.

Bank and corporations taxes, predicted to total $1.9 billion for the month, were $1.5 billion, worsening the state’s budget hole by another $400 million.

On the final day of April, a month which generates 17 percent of the fiscal year’s income tax revenue, the Employment Development Department reported $158 million in withholding for 2010 taxes and the tax board logged $89 million in 2009 tax payments, after subtracting refund requests.

Democratic legislative leaders Senate President Pro Tempore Darrell Steinberg and Assembly Speaker John Perez travel to Washington D.C. May 3 through May 5 to speak to Obama administration officials and members of Congress about more federal funds for California.

The GOP governor, members of his Department of Finance and legislative budget writers wish them every success.


Filed under: Budget and Economy



    Comment by Wally Webgas — 5.01.2010 @ 6:17 am

  2. Too bad G.A.S. and his Repug pals refuse to exact an Oil Severance tax (all other states do; Alaska is 25%) and an Alcohol/ Tobacco tax that’s at least on par with other states’. There would be about $12 Billion more in that revenue pot right now…

    Comment by Drew — 5.01.2010 @ 7:46 am

  3. Thank goodness you were on top of this Greg. I don’t know what we would have done for for seat of the pants entertainment this past month if not for your daily dose of “rock and roll revenue.”

    What’s the month of May’s episode about?

    Comment by Let it Bleed — 5.01.2010 @ 1:44 pm

  4. I want the oil companies to make as much money as possible. That would encourage competition in other forms of energy.

    Comment by beebs — 5.01.2010 @ 3:28 pm

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