Not Exactly a Powerhouse Monday for April Tax Collections

April 19’s tax collections from the first weekend after April 15 weren’t terribly robust, according to Franchise Tax Board tallies.

Personal income tax receipts of $699 million were logged, down $150 million from Friday, April 16’s collections.

Bank and corporation taxes tallied April 19 were  $68 million, nearly 10 times less April 16’s $654 million.

Last year, for example, collections the Monday after the tax filing deadline were $1.5 billion.

The Franchise Tax Board says its still too early in the month to draw any inferences from the April 19 totals.

With 11 days left in the month, personal income tax receipts stand at $3.1 billion — $7.4 billion below the $10.48 billion estimate contained in Gov. Arnold Schwarzenegger’s January budget proposal.

At $1.1 billion month-to-date, bank and corporations tax collections are slightly more than halfway toward reaching the GOP governor’s $1.9 billion.


Filed under: Budget and Economy

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