Nine Days To Go in April: Revenue Still Far Below Estimates
State tax collections fell or the third straight day April 21, increasing the odds California will not meet its revenue projections for the month.
Gov. Arnold Schwarzenegger’s proposed budget predicts nearly $10.5 billion in personal income tax revenue for the month and an additional $1.9 billion in bank and corporations tax receipts.
To date, income tax revenue for the month stands at $3.9 billion. Bank and corporation taxes at $1.2 billion.
Every dollar short of the projected revenue worsens the state’s budget hole, which is estimated to be $18.8 billion if no corrective action is taken over the next 13-and-one-half months.
On April 21, $351 million in personal income tax revenue was logged, down from $468 million the day before and $699 million Monday, April 19.
At $43 million, bank and corporation taxes for April 21 were well up from April 20th’s $15 million.
Compounding the potential budget impact, $1.6 billion in refund claims have also been filed with the tax board, which continues to say it’s too early to judge what the month’s final tally will be.
Filed under: Budget and Economy
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