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News & Press: Sacramento Report

CA Controller Reports State Revenue Stalls - Hopefully not a Trend

Tuesday, November 20, 2018  
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In October the state sales tax was the only major revenue source to come in higher than projected in the enacted budget. Personal income tax (PIT) and corporation tax –– the two other revenue sources in the “big three” –– were lower than assumed in the enacted budget. Yet, four months into FY 2018-19, revenues of $35.28 billion are still 3.0 percent ($1.02 billion) higher than projected in the budget enacted at the end of June. Sales tax receipts of $1.03 billion for October were 8.2 percent ($77.9 million) more than anticipated but October PIT receipts and corporate tax receipts were off 8.4 % and 10.9% respectively, from the FY 2018-19 Budget Act assumptions.

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