June Income Tax Receipts Still Up

June income tax collections from Franchise Tax Board are running more than $300 million over projections through June 22.

The board reports receiving nearly $4 billion in income tax payments and $187 million in refund requests. 

Gov. Jerry Brown’s revised budget, unveiled in May, expected $3.75 billion to be collected by the board in June, less $291 million in refunds. 

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 to 40 percent of what’s expected to be owed for taxes next April.

Overall, Brown’s budget expects a total of $6.9 billion in income tax payments this June, less the $291 million in refunds. 

Of the net $6.6 billion, $3.1 billion is the money employers withhold from employee paychecks. That’s sent to the Employment Development Department.

The remaining $3.5 billion is collected by the tax board.

June is also a big month for bank and corporations collections.

Through June 22, 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, more than $2 billion in taxes have been paid and $47 million in refund requests filed.



Filed under: Budget and Economy

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