State Revenues Close to Projections
Tuesday, November 21, 2017
State Controller Betty T. Yee reported that California’s total revenues of $6.74 billion for October were just $38.7 million shy of expectations. A strong month for retail sales made up for a shortfall in personal and corporate tax receipts. For the first four months of the 2017-18 fiscal year, total revenues of $32.65 billion exceed budget projections by $544.8 million.
For the fiscal year, sales tax receipts of $6.86 billion were $195.3 million above budget estimates while
total personal income tax receipts of $22.97 billion were $166.4 million above assumptions in the 2017-18 Budget Act. For the fiscal year, corporation tax receipts of $1.81 billion are outpacing budget projections by 8.6 percent.
One unknown is how much in state personal income tax payments will be paid in the last two months of 2017 by taxpayers concerned about Congressional tax plans eliminating federal tax deductibility for state income tax payments.