State Income Tax Collections $5 Billion Above Estimates in January
Income tax collections by the state in January – estimated payments by individuals and withholding done by employers totaled $12.7 billion — $5 billion over the Brown’s administration’s estimates, the Legislative Analyst said February 1.
While the analyst noted that more revenues now could mean less later – particularly in April, the highest collection month of the year — the unexpected cash may just be more cash than expected.
“Given the magnitude of the January revenue boost, it is also likely that a portion of it is attributable to 2012 taxable income simply being greater than previously projected,” the analyst writes.
Withholding collected for the month was $5 billion, 12 percent higher than predicted by Gov. Jerry Brown’s Department of Finance.
Other state income tax collections – mainly estimated payments — were 137 percent above estimates for the month.
More time is needed to figure out what’s going on, the analyst concludes.
Filed under: Budget and Economy
- Capitol Cliches (16)
- Conversational Currency (3)
- Great Moments in Capitol History (4)
- News (1,288)
- 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)