It’s Tax Day And the State Gets a Nice Revenue Bump
Not all Californians procrastinated paying their taxes by April 17.
The state reported collecting more than $751 million on the 17th – the highest single day of receipts so far this month.
Payment volume should spike even higher after the 17th.
To date in April, the Franchise Tax Board reports collecting more than $2.3 billion — $6.1 billion less than Gov. Jerry Brown’s budget predicts the agency will receive through April 30.
April is by far the largest month of the year for income tax receipts.
The Democratic governor expects a net total of $9.4 billion in both payments to the tax board and withholding from employee paychecks, which is sent by employers to the Employment Development Department.
In addition to what the tax board receives, Brown expects the employment department to pocket a little over $3.2 billion.
That $3.2 billion plus the board’s $8.4 billion adds up to gross receipts of approximately $11.6 billion.
Brown’s budget writers also expect there to be requests for refunds of almost $2.1 billion. So far, there are requests for almost $1.6 billion. Taxpayers getting money back tend to file earlier.
Total receipts less refunds equals the month’s net total.
State Controller John Chiang keeps a daily tally of net income tax collections for April. It shows total collections less refund requests to be more than $1.9 billion through April 16.
April is also the third largest month for bank and corporation tax collections. The budget estimates just over $1.5 billion will be paid.
Through April 16, $847 million has been received but, again, the bulk of payments won’t occur until after April 17.
Filed under: Budget and Economy
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