A Tad More Revenue Than Expected In June — So Far Anyway
In a bright bit of budget news, income tax collections for June are running ahead of projections with $3.7 billion in estimated taxes received through June 20, according to the Franchise Tax Board.
Gov. Jerry Brown’s revised budget, unveiled in May, expected $3.6 billion to be collected by the Franchise Tax Board in June.
June has become the second largest revenue collection month for the state – almost as big as April.
That’s because the September estimated tax payment was eliminated in 2009 and the second quarter – payable June 15 – was bumped up from 30 percent of what’s expected to be owed for taxes to 40 percent.
The Brown administration predicts a total of $6.9 billion in income tax payments this June, less $291 million in refunds.
Through June 20, $164 million worth of refund requests have been filed.
Of the $6.9 billion, $3.1 billion is the money employers withhold from employee paychecks. That’s sent to the Employment Development Department.
The remaining $3.6 billion is collected by the Franchise Tax Board.
June is also a big month for bank and corporations collections.
Through June 20, corporate tax collections are running slightly ahead of estimates.
The governor’s Department of Finance expects $2 billion in corporate taxes less $67 million in refunds for a net of roughly $1.9 billion.
So far, $2 billion in taxes have been paid and $39 million in refund requests filed.
Filed under: Budget and Economy
- Capitol Cliches (16)
- Conversational Currency (3)
- Great Moments in Capitol History (4)
- News (1,287)
- Opinionation (36)
- Overheard (246)
- Today's Latin Lesson (45)
- Restaurant Raconteur (21)
- Spotlight (110)
- Trip to Tokyo (8)
- Venting (184)
- Warren Buffett (43)
- Welcome (1)
- Words That Aren't Heard in Committee Enough (11)