State’s Daily Tax Receipts Begin End-of-the-Month Climb
With one day before April 17th’s tax filing deadline, the state reported receiving almost $455.5 million over the weekend, boosting the month’s collections to nearly $1.6 billion.
April is by far the largest month of the year for income tax receipts. Gov. Jerry Brown’s budget predicts $9.4 billion in both payments to the Franchise Tax Board and withholding from employee paychecks, which is sent by employers to the Employment Development Department.
The bulk of the payments won’t appear until after April 17, this year’s tax deadline.
Brown’s budget expects the tax board to receive $8.4 billion in income tax receipts this month.
The Democratic governor’s budget writers also expect there to be requests for refunds of almost $2.1 billion. So far, there are requests for more than $1.4 billion. Taxpayers getting money back tend to file earlier.
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, $574 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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